So, Iceland says "sod off you cant have your money back"
Discussion
Unless I'm missing something, HMG just has to go after the people that hold the debt with the broken banks.
Some of that money has to be somewhere at the end of day, eg money lent on commercial loans, and HMG just needs to intercept it.
There are many UK retailers who borrowed money, and all it requires is a law passed so that HMG can take over the agreement.
At the end of the day, the Icelandic government is now taking in cash from investments from the bust bank, and we aren't getting a penny in remittance.
Some of that money has to be somewhere at the end of day, eg money lent on commercial loans, and HMG just needs to intercept it.
There are many UK retailers who borrowed money, and all it requires is a law passed so that HMG can take over the agreement.
At the end of the day, the Icelandic government is now taking in cash from investments from the bust bank, and we aren't getting a penny in remittance.
petemurphy said:
of course a referendum would say no can u imagine asking the british public do you want to pay back umpteen million to some foreigners they would say no whatever the arguements?
Exactly. Iceland won't be doing much business with the rest of world until it changes it's mind...The UK government should never have bailed out british savers in a foreign bank in the first place. You put your savings in a bank based in another country and you are relying on whatever deposit insurance system they have in place.
It is yet another case of necessary risk being taken out of investments, because it is apparently the governments job to reimburse people for their greed and stupidity.
It is yet another case of necessary risk being taken out of investments, because it is apparently the governments job to reimburse people for their greed and stupidity.
davido140 said:
http://www.bbc.co.uk/news/world-europe-13022524
Is anyone in the financial industry ever going to touch that country with a bargepole ever again?
The government over there dont seem too happy with the result of the vote, are they going to have to resort to an economy based on reindeers, hot-springs, christmas trees and bjork?
Why should the citizens pay off the debt of a private bank?Is anyone in the financial industry ever going to touch that country with a bargepole ever again?
The government over there dont seem too happy with the result of the vote, are they going to have to resort to an economy based on reindeers, hot-springs, christmas trees and bjork?
answer me that if u can
didn't think so...
SirBlade said:
Why should the citizens pay off the debt of a private bank?
answer me that if u can
didn't think so...
The Icelandic government guaranteed the deposits. In May 2008 the central bank there was still insisting that they had sufficient reserves to honour their commitments. Forking liars!answer me that if u can
didn't think so...
ds, i think we should send Kerry Katona back there, that'll learn them
But this still doesn't answer the question of where the debt to the original bankrupt bank is. Obviously 100% of the money isn't available, but there has to be a sizable amount somewhere.
If they have lent money (like you'd expect a bank to), someone somewhere is repaying that bank. That money is going to the Icelandic Government, so by rejecting the settlement in this referendum, the Icelandic taxpayer is quids in from what I can tell.
If they have lent money (like you'd expect a bank to), someone somewhere is repaying that bank. That money is going to the Icelandic Government, so by rejecting the settlement in this referendum, the Icelandic taxpayer is quids in from what I can tell.
davido140 said:
http://www.bbc.co.uk/news/world-europe-13022524
Is anyone in the financial industry ever going to touch that country with a bargepole ever again?
Well it didn't do them any good did it? - so perhaps they really don't want 'the finance industry' to 'improve' their lives again..Is anyone in the financial industry ever going to touch that country with a bargepole ever again?
Getting taxpayers to eliminate the banking industry's risks is ridiculously stupid, full marks to the Icelandic people. We should have let our bad banks fall too, and Ireland should have too.
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