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Thread: Iceland Wins Court Case Against European Banksters - Does NOT Have To Pay Back Speculators

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    Politics.ie Member CptSternn's Avatar
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    Default Iceland Wins Court Case Against European Banksters - Does NOT Have To Pay Back Speculators

    Iceland Wins Controversial Icesave Case at European Court

    Iceland unexpectedly won its legal battle to avoid being forced to pay back the British and Dutch governments for not honouring deposit guarantees for savers in Icesave.

    The EFTA (European Free Trade Association) court on Monday dismissed all claims against Iceland, ruling that it not breached the deposit guarantee directive due to the magnitude of the systemic crisis that Iceland experienced. It also held that Iceland had not discriminated between depositors in its own country and those in the UK or Netherlands.


    This is what Ireland should have done. IF we had, we would not be in the current economic situation that we currently are sure.

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    There is another thread around somewhere.

    Apparently there is a strong weight of opinion that we got off lucky and had our politicians not acted as they did, we would be in the same economic mire as Iceland with rising output, 5% unemployment, a government deficit of 2% of national income and curtailed household debt.

    We had a lucky escape.

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    Politics.ie Member TheWexfordInn's Avatar
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    Em, I'm not sure it is banksters that needed paying back, surely it was overwhelmingly ordinary depositors, albeit depositors that should not have been lured by the high interest rates offered by the Icelandic banks in the UK and Dutch markets.

    Maybe the thread title should be renamed "Iceland ... Does NOT Have to Pay Back Old Age Pensioners"?

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    "We're Not Iceland". Feckin' right we're not.

    They are a fine example of an independent people - not a cowering people.

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    So depositors of banks are speculators in your view? (This news is a week old, you could have least read the other thread or the articles about it even if the judgement is beyond your comprehension skills - here's a bit you might like)


    "168 It is recalled that, in a crisis of a magnitude such as the one experienced in Iceland, an EEA State would have very limited options to ensure compensation to depositors that is, first, it could provide a State guarantee for a loan taken out by the scheme itself, or, second, it could directly fund the scheme or its depositors. Thus, moral hazard would also occur in the case of State funding, serving to immunise a deposit-guarantee scheme from the costs which have, in principle, to be borne by its members."
    http://www.eftacourt.int/images/uplo...1_Judgment.pdf

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    If Ireland had the 50% cut in wages that Iceland had it would be showing far more "growth".

    But nobody wants to talk about that when holding up Iceland as a model.

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    Politics.ie Member Clanrickard's Avatar
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    Quote Originally Posted by CptSternn View Post
    Iceland Wins Controversial Icesave Case at European Court



    This is what Ireland should have done. IF we had, we would not be in the current economic situation that we currently are sure.
    One of the worst OPs for a while

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    Politics.ie Member Sync's Avatar
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    /mod/ there's a thread on this here: http://www.politics.ie/forum/economy...ee-action.html /mod/
    I'm living in America, and in America, you're on your own. America's not a country. It's just a business. Now f***ing pay me.

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