Monday, April 11, 2011

When public debt and democracy collide

Britain will take Iceland to court over £2.3bn bail-out

The Government is preparing to take Iceland to the European courts to demand it repay every penny of the £2.3bn Britain lost when the Icelandic banking system collapsed. Danny Alexander, the Chief Secretary to the Treasury, said the Government had no choice but to take legal action after the Icelandic people voted against a long-term repayment plan. It will be at least a year until the dispute reaches court. Both Britain and the Netherlands are likely to block Iceland's application to join the European Union until the money is repaid. Credit rating agencies, including Moody's, are likely to further downgrade Iceland's credit rating as a result of its refusal to pay back the money. [Surely Iceland is *more* creditworthy if it doesn't have an extra £2.3bn of debt on its books??]

Posted by drewster @ 09:25 PM (1154 views)
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3 thoughts on “When public debt and democracy collide

  • Slowly but surely the real terrorists are emerging.

    It’s unelected sideswipes, the teeth whiteners and some super glued toupees, not the dirty unruly turban wearing beards.

    Money bombs on ice.

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  • How can any court have any kind of authority over a sovereign state?

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  • No choice, what complete nonsense. As some Icelanders have demanded, seize and sell off the assets of the Executives, hiding in the UK, and others who embezzled the bank. The Icelander tax payers do not deserve this abuse.

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