Iceland votes to reject debt slavery, is threatened with reprisals
2011 03 09

From; YahooNews.com


Iceland faces downgrade if Icesave deal fails: Moody’s


Iceland’s rejection in a referendum of a new deal with Britain and The Netherlands to repay money lost in the collapse of Icesave bank would hit the country’s ratings, Moody’s warned on Wednesday.

It could also hit money committed by Iceland’s Nordic neighbours to help it recover from its 2008 bust, adding to the government’s problems, it added.

On Sunday, Iceland President Olafur Grimsson, in a surprise decision, sent the issue to the people after parliament voted a new Icesave deal through.

Prime Minister Johanna Sigurdardottir said she was disappointed by the president’s decision.

"This is disappointing. We had anticipated that the president would sign the Icesave bill," she said.

"This bill got a majority in parliament and it is not common that the president rejects a bill with such a majority," she said, adding: "I don’t think there is a big chance that Britain and The Netherlands would be willing to sit down and negotiate again."

Moody’s said a rejection of the deal -- an earlier agreement was overwhelmingly voted down in March 2010 -- would see it "likely downgrade the government?s ratings to Ba1 or below, given the negative repercussions that would follow for the country?s economic and financial normalisation."

It said a ’No’ vote might also "lead to a cut-off in the remaining $1.1 billion committed by the other Nordic countries and probably also to delays in Iceland?s IMF program."

Moody’s noted that the new agreement "is considerably more favourable to Iceland" and that a poll this week "indicates good support... with 58 percent of respondents in favour."

Additionally, some members of the opposition Independence Party supported the latest deal, unlike in March 2010.

The deal submitted to a referendum expected in April, calls for Iceland to repay the 3.9 billion euros ($5.3 billion) which Britain and The Netherlands spent compensating around 340,000 of their citizens hit by online bank Icesave’s collapse in October 2008, at the height of the financial crisis.

Under the new accord, Iceland would be able to repay through to 2046 at a 3.0 percent interest rate for the 1.3 billion euros it owes The Netherlands and at a 3.3 percent rate for the rest it owes Britain.

In the previous deal, rejected by 93.2 percent of voters, Iceland had to repay The Netherlands and Britain by 2024 at a 5.5 percent interest rate.


Article from: news.yahoo.com



Top UK businessmen among 9 arrested in bank probe
By Jill Lawless | YahooNews.com

Police have arrested nine people, including two of Britain’s wealthiest entrepreneurs, on suspicion of fraud in connection with the 2008 collapse of Iceland’s Kaupthing bank during the global financial crisis.

Britain’s Serious Fraud Office said seven men aged between 42 and 54 were held in raids on two businesses and eight homes in London. The properties were being searched and the suspects questioned at police stations in the city. Two men, aged 42 and 43, were arrested in the Icelandic capital, Reykjavik.

Entrepreneurs Robert and Vincent Tchenguiz confirmed they were among those arrested in London and said they were "cooperating fully" with authorities.

A police van was parked outside the office of the brothers’ investment firm, Rotch Property, in the upmarket Mayfair area.
The Tchenguiz brothers amassed a large property portfolio and had investments in some of Britain’s best-known retail brands, including grocer J. Sainsbury PLC and pub chain Mitchells & Butlers.

But the business borrowed more than 1 billion pounds ($1.62 billion) from Kaupthing, and was plunged into crisis when the bank collapsed.
Icelandic media said former Kaupthing chairman Sigurdur Einarsson was also arrested in London.
Britain’s fraud office is investigating whether Kaupthing made false claims while trying to attract British investors to its "high yield" deposit account, Kaupthing Edge.

It is also looking at why "substantial value" was taken out of the bank shortly before it collapsed.

Iceland’s economy imploded when Kaupthing and the other major banks collapsed under the weight of huge debt in the early days of the world financial crisis.

Prosecutors have already made several arrests in Iceland as they investigate suspected market manipulation and fraud in the run-up to the banking crash.

Article from: news.yahoo.com





Also tune into:

Birgitta Jonsdottir - Financial War Against Iceland

John Perkins - An Economic Hitman on Predatory Capitalism & Corporate Monopoly

Tracy Twyman - Alconomics, Money & Magic

Ellen Brown - The Web of Debt & The Manufactured Financial Crash

Mary Croft - Natural Man vs. Artificial Person, Law, Money & Banking





Related Articles
Iceland President Accuses England, Holland of Financial “Bullying”
Iceland Under Attack? HAARP Activity Corresponds to Iceland Earthquake Swarms
Iceland Is No Ireland as State Free of Bank Debt, Grimsson Says
Iceland spurns €30m over fears of EU propaganda
Destitute and desperate, Icelanders opt for exile
Thunder and Lightning a rare sight in Iceland - Weather Experimentation Connected with the Norway Aurora Light?
Call To The People Of The World To Support Iceland
Icelandic president angers Britain, Dutch over bank bill
Singer Bjork laments for Iceland, suggests going Green will save country
Iceland Recovering From Neoliberal Disaster: Guns & Butter (Audio)
Icelandic PM becomes world’s first leader to step down over banking system crisis


Latest News from our Front Page

Terrorists? Interview with Varg Vikernes and Marie Cachet
2014 11 28
Marie Cachet and Varg Vikernes are what we call commonly ordinary people. However, for motives meanly political, the Ministry of the Interior decided to abuse its power to damage them ; "there is nothing more annoying than a low man placed in high position." (Roman saying) Today, Varg risks the eviction of the French territory without valid ground. Three very ...
The Coudenhove-Kalergi Plan - The Genocide Of The People Of Europe
2014 11 28
Mass immigration is a phenomenon, the causes of which are still cleverly concealed by the system, and the multicultural propaganda is trying to falsely portray it as inevitable. With this article we intend to prove once and for all, that this is not a spontaneous phenomenon. What they want to present as an inevitable outcome of modern life, is actually ...
Starbucks Supports Pro-GMO Company
2014 11 26
Another reason why you should not go to Starbucks. Starbucks has an image of being a socially responsible, environmentally friendly company (Really?). In 2013, 95 percent of their coffee was ethically sourced, and their goal is to reach 100 percent by 2015.1 Other goals include reducing water consumption by 25 percent in their company-operated stores by 20152 and mobilizing their employees and ...
Group Polarization and the Fad of Ethno-masochism
2014 11 26
From "Group polarization: A critical review and meta-analysis". Journal of Personality and Social Psychology. 6 50 (6): 1141--1151 The psychology of White self hatred. Political correctness IS a mental disorder. More: Group polarization: A critical review and meta-analysis. Isenberg, Daniel J. the paper Indoctrinate U Harvard Professor Noel Ignatiev talks about how to end the White race The History of Political Correctness The Narrative: The origins of Political ...
Credo: A Nietzschean Testament by Jonathan Bowden
2014 11 26
This lecture by Jonathan Bowden was given at the 11th New Right meeting in London on September 8, 2007. The original title of the presentation was “The Art and Philosophy of Jonathan Bowden.” I think ideas are inborn, and you’re attracted, if you have any, toward certain systems of thinking and sensibility and response. From a very young age, I was ...
More News »