Referendum

Icelanders Vote on Predatory Bailout: Nyet

In his April 8 article headlined, "The Economic Crisis in Iceland: 'IMF Medicine' is not the Solution," Michael Hudson asked:

"Will Iceland Vote 'No' on April 9, or commit financial suicide," their choice being:

Reject debt bondage or "subject their economy to decades of poverty, bankruptcy and emigration of their work force."

Iceland, fight this injustice

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Saturday's referendum is a chance for Icelanders to strike at the conspiracy that leaves us all bailing out financiers

On Saturday the Icelandic people vote in a referendum on whether the Icelandic state and thus the citizens should guarantee the so-called Icesave claim. Icesave was a bank deposit account that promised market-leading interest rates. When the bank failed, the question arose if the Icelandic depositors' guarantee fund - a private institution financed by the banks - should have taxpayer backing. Instead of letting depositors lose their money or even wait for compensation from the bankruptcy estate, the governments of the UK and Netherlands (where the Icesave products where marketed) decided to reimburse depositors from their own countries. The reimbursement included the full principal, while the recklessly high-interest profits of the risk-seeking depositors were thrown in as a bonus.

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