I think what Iceland is doing is a good example of democracy. President there vetoed the decision to rob over 15,000$ per Icelander to repay the debt
owed by the Icesave bank to savers of UK and Netherlands (well the problem was actually in the parent bank, Landsbankii). Instead, the president of
Iceland held a referendum so that people can decide if they agree to pay or not. This is democracy in action.
When did people in USA or UK were last offered to decide on important subject, like war or giving money to private corporations no questions asked? I
am a UK saver (not in that bank) and I want all UK people to get their money back, but I disagree that this money should be taken from Icelandic
people, just like I disagree with all the bailouts in the UK and the USA, that come from taxpayers. Whoever screwed up should pay.
Iceland says ‘Can’t pay, won’t pay’ — and it is
right (9 Jan 2010)
Iceland to hold national referendum on Icesave legislation (9 Jan
A fair deal for Iceland (8 Jan 2010)
Iceland passes referendum bill (8 Jan 2010)
FACTBOX-Iceland's debts to the UK, Netherlands for Icesave (8 Jan 2010)
Iceland has no clear legal obligation to pay up (8 Jan 2010)