Riots in Iceland.

[KungFugazi]

From "The Scotsman"

A near-riot and parliament besieged: Iceland boiling mad at credit crunch

Published Date: 24 November 2008
By Omar Valdimarsson
in REYKJAVIK
THOUSANDS of Icelanders have demonstrated in Reykjavik to demand the resignation of Prime Minister Geir Haarde and Central Bank governor David Oddsson, for failing to stop the country's financial meltdown.
It was the latest in a series of protests in the capital since October's banking collapse crippled the island's economy. At least five people were injured and Hordur Torfason, a well-known singer in Iceland and the main organiser of the protests, said the protests would continue until the government stepped down.

As crowds gathered in the drizzle before the Althing, the Icelandic parliament, on Saturday, Mr Torfason said: "They don't have our trust and they are no longer legitimate."

The value of the Icelandic krona has been cut in half since January.

Four Nordic countries, as well as the International Monetary Fund (IMF), have pledged to lend the country a combined $4.6 billion to help revive its deflated economy. The loan would be the first by the IMF to a Western nation since 1976.

One young man climbed on to the balcony of the Althing building, where the president appears upon inauguration and on Iceland's national day, and hung a banner reading: "Iceland for Sale: $2,100,000,000" – the amount of the loan the country is getting from the IMF.

A separate group of 200-300 people gathered in front of the city's main police station, throwing eggs and demanding the release of a young protester being held there.

Police in riot gear used pepper spray to drive back an attempt to free the protester during which several windows at the police station were shattered. The protester was later released after his fine was paid.

As daylight began to wane, demonstrators drifted away into the nearby coffee shops. Here, as currency tumbles, the price of a cup of coffee has shot up by about one-third since before the crisis struck.

The demonstrators accuse the government – elected last year – of not doing enough to regulate the banking industry and have called for early elections.

Iceland's next election is not required until 2011.

Opposition parties tabled a no-confidence motion in the government on Friday over its handling of the crisis, but the motion carries little chance of toppling the ruling coalition which has a solid parliamentary majority.

Gudrun Jonsdottir, a 36-year-old office worker, said: "I've just had enough of this whole thing. I don't trust the government, I don't trust the banks, I don't trust the political parties, and I don't trust the IMF.

"We had a good country and they ruined it."

Full article:
A near-riot and parliament besieged: Iceland boiling mad at credit crunch - Scotsman.com News

[ame=http://www.youtube.com/watch?v=EkHOM96wiA4]YouTube - Protestors clash with police in Iceland[/ame]

[Asi-Irish]

If things get as bad in Ireland as they are in Iceland, there'll be burning and looting in our streets too.

[drbob1972]

If things get as bad in Ireland as they are in Iceland, there'll be burning and looting in our streets too.

thankfully our membership of the EU and more importantly the euro will mean that its most unlikely Ireland will experience anything near as bad as Iceland

[Asi-Irish]

Let's hope. If my savings disappear, I'll most likely express my anger in a physical manner.

[Breadan O'Connor]

thankfully our membership of the EU and more importantly the euro will mean that its most unlikely Ireland will experience anything near as bad as Iceland

But isn't it true to say that the highly-valued euro is already hurting our manufacturing and export industries? A lot of jobs are diappearing already.

Retailers are hurt because shoppers are flocking to the north to get bargains priced in cheaper sterling.

A case could be made anyway that the inappropriate interest rates of the euro were what caused our ridiculous property boom.

[H.R. Haldeman]

Let's hope. If my savings disappear, I'll most likely express my anger in a physical manner.

I still don't know what happens in a nightmare scenario in which the country totally collapses and the government simply can't back up its deposit guarantee.

My guess is that even in that extreme circumstance they would still be obliged to repay the money at some point. It could take years, but I don't think the money would just disappear forever. And I suppose if they needed to underwrite repayments to depositors they have things like future tax receipts, national treasures, real estate and the pension fund to offer.

That said, despite the guarantee I still don't feel good about having money on deposit.

[KungFugazi]

I still don't know what happens in a nightmare scenario in which the country totally collapses and the government simply can't back up its deposit guarantee.

They haven't a hope in hell of backing it up, they are bluffing and praying that people don't go en masse and try to withdraw their savings from the banks.
When the $hit does hit the fan this country will be more akin to Albania after the collapse of their pyramid scheme than Iceland.

[smitchy2]

We certainly would of been wiped out if we were not in the Euro.
2009-2010 are going to be very painful years so I can seem similar massive marches and police clashes as the recession gets worse.

[lostexpectation]

i think there been a bit of confusion in the media between the protest at the police station over the illegal arrest of an environmental protester and the protests elsewhere re the banks.

Anarchist Arrested in Iceland;Soli Demo report - Indymedia Ireland

[KungFugazi]

We certainly would of been wiped out if we were not in the Euro.
2009-2010 are going to be very painful years so I can seem similar massive marches and police clashes as the recession gets worse.

Massive marches would be no bad thing if they were carried out correctly, people will need to identify the people who knowingly got us into the mess, educate themselves, stay rational, and help each other out when things get really tough. Blind rage and reactionary rioting won't help the situation.