posted on Apr, 13 2012 @ 09:05 PM
Iceland to present
Iceland’s government will this week present a bill allowing debtors to walk away from obligations that exceed asset values and to nullify personal
bankruptcies after four years, Internal Affairs Minister Ogmundur Jonasson said.
“All Icelanders can see that our society is currently in turmoil,” Jonasson said in an interview in Reykjavik. “We’re therefore required to
sit down at the table and offer solutions; I don’t anticipate that the people running financial institutions will disagree.”
seems the bill exist, but I can not find any record of it passing
now I found this
Icelandic Anger brings debt
The island’s steps to resurrect itself since 2008, when its banks defaulted on $85 billion, are proving effective. Iceland’s economy will this
year outgrow the euro area and the developed world on average, the Organization for Economic Cooperation and Development estimates. It costs about the
same to insure against an Icelandic default as it does to guard against a credit event in Belgium. Most polls now show Icelanders don’t want to join
the European Union, where the debt crisis is in its third year.
The island’s households were helped by an agreement between the government and the banks, which are still partly controlled by the state, to forgive
debt exceeding 110 percent of home values. On top of that, a Supreme Court ruling in June 2010 found loans indexed to foreign currencies were illegal,
meaning households no longer need to cover krona losses.
this article is much later February 12m 2012,but it names an actual agreement
run it in google... Icelandic debt relief....
you will have to search it yourself...
I find it interesting that this is not major new in the US
Yes it appears this passed and is the law of the land in Iceland
from the links
Prosecution of bankers for there role in the banking crisis
Debt relief to the people of the State
--government actually removed the results of the acts of the crimes committed
Iceland staying away from the EU and is actually growing
I quoted the main parts so if you do not want to read these articles you get the gist...
Apparently, officially, Icelandic government saved its people from market gouging. What a concept the Government doing the right thing for its
people... I would have never thought of that...
edit on 13-4-2012 by ripcontrol because: Brought to you by the ministery of orwell
edit on 18/4/2012 by Sauron because: changed internal quotes to external quotes tags