Friday, November 4, 2011

Why Iceland Should Be in the News, But Is Not

And I thought they'd all died without the support of all that lovely debt

“We were told that if we refused the international community’s conditions, we would become the Cuba of the North. But if we had accepted, we would have become the Haiti of the North.” In the March 2010 referendum, 93% voted against repayment of the debt. The IMF immediately froze its loan. But the revolution, would not be intimidated. With the support of a furious citizenry, the government launched civil and penal investigations into those responsible for the financial crisis. Interpol put out an international arrest warrant for the ex-president of Kaupthing, Sigurdur Einarsson, as the other bankers implicated in the crash fled the country.

Posted by general congreve @ 12:34 AM (1692 views)
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7 thoughts on “Why Iceland Should Be in the News, But Is Not

  • general congreve says:

    Whoops, my title and article title wrong way round! You could probably tell.

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  • Best read the comments too, because the author made a several mistakes including factual errors and confusing grammar.

    This was possibly explained better in other articles.

    I did find this comment referenced document interesting, but possibly flawed in places (e.g. Article 22, 23, 24, 78, 91):
    http://stjornlagarad.is/other_files/stjornlagarad/Frumvarp-enska.pdf

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  • These are some of the interesting comments, and it’s not all good news for Iceland:


    Corrections of MANY errors

    A very complete analysis, direct from Iceland:

    http://grapevine.is/Features/ReadArticle/A-Deconstruction-of-Icelands-Ongoing-Revolution

    The same analysis — with more commentary and excellent photos of Iceland:

    http://www.dailykos.com/story/2011/08/24/1010295/-Naomi-Klein-buys-into-the-Iceland-Revolution-mythos


    It’s no fun being cool examples

    Iceland is still in a major crisis. We have an ineffective government with no long term plans, except for what the IMF tells them to do…we have extreme taxataion and skyrocketed indexed loans that people can’t pay off. This has hit the younger generation the hardest (25-35) who bought their houses before the bubble burst. This generation is in huge debt shackles and this generation has little hope of ever getting a secure financial foothold.

    We may look like cool examples seen from the outside, but inside the outlook is very grim. That’s why those that could move away have done so already. Young educated people are either not coming home from studies or establishing their foothold elsewhere.

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  • Got as far as about the second line where they called Iceland a member of the EU. If they can’t be bothered to check their basic facts, then it doesn’t give you much confidence about what the rest of the article might have to say.

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  • Hmm yep, EU membership wrong – and I assume the “FMI” is the IMF? Not exactly quality journalism. I think something interesting happened in Iceland but I don’t think this tells you what that was.

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  • mark wadsworth says:

    Yeah! Go Iceland!

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  • general congreve says:

    @2 – Slightly tenuous I guess, as they have never been a full EU member state, however, you can probably forgive the article claim if you read this from Wikipedia:

    Iceland applied to join the European Union on 16 July 2009. Negotiations formally began 27 July 2010[1] and, despite Iceland already being heavily integrated into the EU market, will face contentious issues on fisheries which could potentially derail an agreement.[2] After an agreement is concluded, the accession treaty must be ratified by every EU state and be subject to a national referendum in Iceland.[3] Prior to application, Iceland was part of the EU’s internal market and the Schengen Area.[4]

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