What happens if they say no?

[GuinnessMK]

http://news.bbc.co.uk/1/hi/business/8552971.stm

"Icelanders have gone to the polls to vote on paying the UK and Netherlands after the collapse of the Icesave bank, with a resounding "No" vote expected"

I doubt the Royal Navy has the resources to protect the Falklands and invade Iceland at the same time

[FourWheelDrift]

Wouldn't need a Royal Navy blockade. We'll just send Kerry Katona over with some matches.

[grumbledoak]

Nothing, I'd guess. It is not illegal for a business to fail. The Icelanders had not guaranteed that money.

[DSM2]

grumbledoak said:

Nothing, I'd guess. It is not illegal for a business to fail. The Icelanders had not guaranteed that money.

I think they had actually.............

[FarleyRusk]

grumbledoak said:

Nothing, I'd guess. It is not illegal for a business to fail. The Icelanders had not guaranteed that money.

unfortunately their government did guarantee return of savings up to 20k per account I believe.

[Uncle Fester]

What happens?

The UK government have had to pay out the money, as they were obliged to do. If the Icelandic government won’t repay what they are obliged to repay then ultimately the loss is borne by the UK taxpayer.

[FourWheelDrift]

Uncle Fester said:

What happens?

The UK government have had to pay out the money, as they were obliged to do. If the Icelandic government won’t repay what they are obliged to repay then ultimately the loss is borne by the UK taxpayer.

They can lay a long cable under the sea to the UK and pay us by geothermally generated electricity instead.