Iceland Wipes Out Citizen´s Debt! Bankers On Trail!?

reply to post by kn0wh0w


For all of us who argued that we should let the banks fail, let the insurers fail, hell let the auto makers fail..

This is proof it would have worked.

Iceland, which suffered the hardest and fastest fall because they let their banks collapse instead of saving them with massive bailouts.. is now the fastest growing economy in Europe, and averages higher than any industrial nation.

We need to bring our own bankers and politician to trial. So far Iceland, according to the articles, has relieved approx 25% of its citizens debts.

(that is to say all debts that are 110% over the home value will be wiped clean. And any loan in Iceland must be in Krona, which means currency fluctuations can no longer effect the cost of a mortgage)

reply to post by Rockpuck


I wasn't aware of the specifics, but that is fantastic, good on Iceland

Double post deleted

Originally posted by Patifier
Anyone form Iceland that can confirm this? Couldn't find any other source on this history, even Icelandic news websites. Telesur that published the original video is a Venezuelan news channel.

The OP posted links including Bloomberg. I checked Icelandic news sites too and there is nothing. I think the video that's going around is just a late catch up. The Bloomberg article dates back to February and that seems to be the source of all of this. According to that it was people in certain categories that got debt forgiveness. I don't know if there has been any advance on that.
Personally I'd be a bit peed off if it happened here in the UK. I just scrimped and saved to pay off the flippin mortgage!

Good for them. This should happen all over the world! Won't happen in the US till complete collapse and the corruption is rooted out.

Im on vacation right now but I had to chime in and thank the government. Now it is time to round up the bankers and squeeze the ______

PS: I see you liked my title hehe

reply to post by kn0wh0w


before i read this thread...I'm moving to iceland

the united states could try something similar and indict corrupt bankers, politicians, and wall street but there are 2 problems:

1). the people of the united states aren't in control of the government.

2). the bench of the accused would take 3 years to build and be 468 miles long to sufficiently hold all the corruption.

If this is true, this is very good news. Unfortunately, The international masters of puppet banksters will soon accuse Iceland of some sort of ethnic cleansing so they can blockade them and eventually occupy. Not really sure how that will work though because Iceland is just basically full of Icelanders because of their intelligent immigration Laws.

How racist of those Icelanders! How dare they attempt to protect their culture from a turd world invasion like the stupid Germans, French and British have refused to do (not to mention the USA). How dare they not desire a diversified nanny state! Racists I tell you, racists! They must be stopped. ~$heopleNation

reply to post by emberscott


I don't think that is meant to mean actual American police....although the article is unclear and not translated well, that's very hard to imagine. I think what he's saying is that it's American style police, aka unmarked cars and stuff. I don't know if that is something new in Iceland or what, but the thought of American police pulling people over in Iceland is a little too far fetched for even the craziest conspiracy nuts on this site. I would love a little more info on this.

Iceland to present bill.... (bloomberg)

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

10-13-2010

now I found this

Icelandic Anger brings debt relief.... (Bloomberg)

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...

Hmmm. People are excited to get out of an Agreement they willfully signed ... sounds about right. GIMME GIMME GIMME.

Dont make an agreement if you dont intend to keep it.

reply to post by kn0wh0w


lets hope this is a snowball effect!

I'm with Milky Way...this isn't a good thing.

Our politicians pushed the banks into making bad loans, no one person had a gun held to their head and was forced to sign a contract they could not meet. The onus is on the loan taker to make good on the note.

Why do so many people seem to think that they should get something for nothing?

Who other than Milky Way wants to loan me a few hundred dollars? I'm on hard times too, I've been un and under employed for 12 of the last 30 months. I never defaulted on anything though.

Just my half a dime...

Haha I LOVE reading up on this long going story.... Lil tiny iceland, that nobody paid any attention to for so long, now stands up.. wipes it's hands clean, and backs away. Good one them.

I'v always said, Canada, my country, would be better off just shutting out the corporate America, and use our resources, for ourselves.
It's seriously a f**king joke how this economy is run. There are too many flaws, holes, and nonsensical bullshat in the current system, and everybody knows it.
Hopefully Iceland is the first of the domino's to fall.... It's only a matter of time...

Originally posted by liquidsmoke206
reply to post by emberscott

 

I don't think that is meant to mean actual American police....although the article is unclear and not translated well, that's very hard to imagine. I think what he's saying is that it's American style police, aka unmarked cars and stuff. I don't know if that is something new in Iceland or what, but the thought of American police pulling people over in Iceland is a little too far fetched for even the craziest conspiracy nuts on this site. I would love a little more info on this.

You are correct. It is not actually u.s police.

That is the premise exactly as you wrote it "American style police".
It is a new concept in iceland. As she wrote it "The secret police".
Introduce the concept allow it to become the norm "Apathy".

The debt was not theirs in the first place. Just like here in the US.
WAY TO GO ICELAND!!!!!
...and telling the bankers where to stick it!!!!

Originally posted by DerepentLEstranger
OH NOZ!!!

how long before we started hearing:

"Iceland is violating human rights/promoting terrorism/has WMD's? "

The UK has had Iceland on the terror list for awhile.

firedoglake.com...

IMHO! it's the old game of resources!

The coming (business battle of the artic oil and natural gas is underway) and more or less in motion - and I can understand that most Icelandic citizen's are right now perhaps thinking, well! screw the IMF and the B-cartel! - it's our stuff!

And I recently just read that Russia and Norway made some business deal of corporation together, with some artic areas where their borders meet!

(hope I can find that article again, and post it here - the article was Norweigian or an Swedish from last year - and could be read by that time in most Scandinavian newspapers I think)

Excellent. In my opinion, it's the right thing to do. I would not forgive all of the debt. If you buy something, you need to pay for it like everyone else. But, forgive the interest payments 100%. It's not like the banks 'worked' for their interest payments anyway, other than offering the credit to you.

It would be great if we all got our interest refunded to us by the banks when they surrender at the risk of otherwise having their heads cut off. What goes around, comes around...