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Of course the international community only increased the pressure on Iceland. Great Britain and Holland threatened dire reprisals that would isolate the country. As Icelanders went to vote, foreign bankers threatened to block any aid from the IMF. The British government threatened to freeze Icelander savings and checking accounts. As Grimsson said: “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.” (How many times have I written that when Cubans see the dire state of their neighbor, Haiti, they count themselves lucky.)
In the March 2010 referendum, 93% voted against repayment of the debt. The IMF immediately froze its loan. But the revolution (though not televised in the United States), 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.
But Icelanders didn't stop there: they decided to draft a new constitution that would free the country from the exaggerated power of international finance and virtual money. (The one in use had been written when Iceland gained its independence from Denmark, in 1918, the only difference with the Danish constitution being that the word ‘president’ replaced the word ‘king’.)
Originally posted by mr-lizard
The people basically stood up against the various parts of their government whom demanded that they pay for the bankers mistakes...
Originally posted by Toolatetotalk
IceLand had a population of around 300,000 people in 2011. If 10% of the population did a OWS scenario than it would explain how come they where able to make the changes they did.
Right now if we did a census of just how many people across America were actually participating on OWS I doubt it would exceed 30,000 which is 1% of our countries total population.
Judging from videos, customers and physically checking out the Seattle OWS three times now I don't even think we could break 20k.
Just my two cents.
Geir Haarde, the Prime Minister of a Social Democratic coalition government, negotiated a two million one hundred thousand dollar loan, to which the Nordic countries added another two and a half million
In 2003 Iceland’s debt was equal to 200 times its GNP, but in 2007, it was 900 percent.