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.