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The Netherlands, Britain to go to court over Icesave moneySunday 10 April 2011 The Netherlands is to take legal action against Iceland in an effort to recover €1.3bn lent to repay savers who lost money when Icelandic bank Landsbanki went bankrupt in 2008. This weekend the people of Iceland rejected a second deal worked out to repay the money in a referendum. In a statement, Dutch finance minister Jan Kees de Jager said the issue would now be dealt with in court, pointing out that Iceland must meet its international obligations. ‘I am very disappointed that the Icesave agreement did not get through. This is not good for Iceland, nor for the Netherlands. The time for negotiations is over. Iceland remains obliged to repay. It is now up to the courts to decide,’ De Jager said. Under the terms of the rejected deal, Iceland would have paid the money back with 3% interest to the Netherlands and 3.3% to Britain between 2016 and 2046.
© DutchNews.nl
If the people of the Netherlands and Europe had half the spines of their Iceland brothers and sisters, every crooked banker north of the mediteranian would be shaking from fear (rather than the current laughter) in his Gucci loafers. By Geert De Bore | April 10, 2011 11:15 PM Well it's not actually teaching "greedy banks a lesson", writer above. Icelandic banks gambled with money, and lost the savings of those putting money in it. Ordinary people, local councils and even charities. The British and Netherlands governments covered much of the losses for these small savers and institutions by lending money to the bank. So it's the British and Dutch taxpayer who is getting stiffed by this, not "those greedy banks". The banksters who made the gambles paid themselves massive bonuses and have got away with it. This vote means Iceland wants to renege on a deal which prevented the collapse of their financial system. By glenn_uk | April 11, 2011 12:27 AM The only way to deal with the fractional banking system, is to tell them to get stuffed. Greece, Portugal, and Ireland, should all default. All this Fiat money is no real currency, therefore, all the debt out there is created out of thin air by the banking system. When the dollar collapses after they finish another round of printing by the Federal Reserve, default, will make absolute sense. lets start again, with a gold standard folks, and learn to live within our means, only then, will we leave all this debt and misery behind us. By Highlander | April 11, 2011 8:54 AM Britain "lent" Iceland nothing. Britain decided by itself to pay back Landsbanki depositors without Icelands agreement. This was done by Gordon Brown for UK domestic political reasons. By the way I'm British and I completely agree with the Icelanders that say the debt of a private bank is no concern of theirs. By Paul | April 11, 2011 9:06 AM If the Icelandic government can bail out its own nationals who lost money, they should do the same for everyone who lost money when the bank collapsed. By Ian Howell | April 11, 2011 2:02 PM
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Well done, Iceland! Teach those greedy banks a lesson!
By My beautiful Jordaan | April 10, 2011 6:35 PM