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A new paradigm for a post-imperial world

Posts Tagged ‘Revolution in Iceland’

The Icelandic President listens to the voice of the people

Posted by seumasach on January 6, 2010

Notsilvia Night

AlethoNews

5th January, 2010

Icelanders say:

No to Ice-save – No to Ice-slave

The Icelandic President Olafur Ragnar Grimson refused to sign the Ice-save bill, which would have obligated the Icelandic tax-payer to pay unconditionally for the debts of the Ice-save division of Landsbanki, a private bank, which had collapsed in 2008. A large percentage of the Icelandic people had signed a petition for the president not to sign the bill and the president listened.

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McDonald’s pulls out of Iceland

Posted by smeddum on October 27, 2009

McDonald’s pulls out of Iceland

27/10/09

BBC

McDonald’s is seen as a part of most developed economies
McDonald’s is to close its business in Iceland because the country’s financial crisis has made it too expensive to operate its franchise. Read the rest of this entry »

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Iceland Shrinks 8% as Prices Increase 11% in Deepest Recession

Posted by smeddum on October 12, 2009

Iceland Shrinks 8% as Prices Increase 11% in Deepest Recession

By Chad Thomas and Omar Valdimarsson

Oct. 12 (Bloomberg) — Arni Hallgrimsson lost his job as a public relations consultant when Iceland’s three biggest banks collapsed last year, putting him out of work for the first time since 1980. After a stint cleaning the docks at a whaling station during the summer hunt, he’s unemployed again. Read the rest of this entry »

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Iceland Political Leader Calls For Debt Moratorium As Government Crumbles

Posted by seumasach on October 8, 2009

Webster Tarpley
Rense.com
7th October, 2009
A leading member of the Icelandic parliament called Monday night for the country to declare a debt moratorium and stop attempting to pay the $6 billion which the British and Netherlands governments are seeking to extort from Iceland with the help of the International Monetary Fund and the European Commission in Brussels. This dramatic call was issued by Birgitta Jónsdóttir, the chairman of the parliamentary faction of The Movement in the Icelandic parliament, the Althing. Birgitta Jónsdóttir was speaking during a special session of the Althing called to address the rapidly deteriorating economic and financial position of Iceland, one year after the collapse of the three hot-money offshore banks, Landsbanki, Kaupthing, and Glitnir.In her remarks, Birgitta Jónsdóttir observed that Iceland is already technically bankrupt, and ought to cease payment. She also pointed to the hostility to Iceland of the IMF and EU. The current prime minister, Jóhanna Sigurðardóttir, who leads a moribund coalition of Social Democrats and Left Greens, had attempted to justify her policy of financial appeasement of the British and Dutch. London and The Hague are demanding $6 billion in restitution for losses incurred by private Icelandic bankers operating in their countries as Icesave, even though the Icelandic government had never guaranteed these operations, and even though British and Dutch regulators were deeply implicated in the Icesave debacle, which came in the wake of the Lehman Brothers bankruptcy. Read the rest of this entry »

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Iceland Discusses Rejecting IMF Loans

Posted by seumasach on October 7, 2009

Iceland Review

7th October, 2009

It appears as if a cross-political majority is forming in the Icelandic parliament, Althingi, on reconsidering Iceland’s relations with the International Monetary Fund (IMF). Chairman of the Independence Party Bjarni Benediktsson doubts that it is in Iceland’s best interest to accept further loans.

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Will the government collapse over the Icesave agreement?

Posted by seumasach on October 1, 2009

Iceland Weather Report

30th September, 2009

Big news today: our Minister of Health Ögmundur Jónasson has resigned over the Icesave issue. Apparently the pressure is on to make everyone in government walk in step concerning Icesave – and he’s just not behaving. So instead of being pressured into going against his own convictions he’s decided to bow out.

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As household debt shoots through the roof, some people are going on strike

Posted by seumasach on September 20, 2009

Iceland Weather Report

18th September, 2009

Icelandic households are in serious trouble. When the economy melted down last year, the krona plummeted and loans that people had taken in foreign currencies [they were all the rage here in 2006-2008] went through the roof. Initially the government responded by allowing people to freeze their loan payments for the time being. That freezing runs out in October, at which time households that are already heavily indebted will face an even greater burden, that in many cases will be insurmountable. Defaults have already started to increase – and starting in October they are likely to increase even more.

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Lowest Energy Prices!! – Or how to sell yourself, Icelandic style

Posted by seumasach on September 13, 2009

Iceland Weather Report

11th September, 2009

Ok, so it’s been a while since I’ve written a really depressing post, right? So it’s about time, right?

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Iceland will pay back £2bn to UK – if it can

Posted by smeddum on August 31, 2009

Simon Watkins, Financial Mail

30 August 2009

This is money

Iceland has finally agreed to pay £2bn owed to the UK taxpayer after the collapse of its banks – but only if its own economy recovers. Read the rest of this entry »

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Icelandic lessons for indebted countries

Posted by smeddum on August 25, 2009

Icelandic lessons for indebted countries

Jubilee Debt Campaign

By Nick Dearden, Director of the Jubilee Debt Campaign

oneworld.net

Recent events in Iceland may have completed that countries transformation from free market, credit-fuelled billionaire playground to champion underdog. The Icelandic Parliament’s offer to the UK and Dutch governments earlier this week that it will pay back its debts but only at a level it can afford, could provide an invaluable model for how indebted nations can start putting the needs of their people ahead of the desires of the global financial markets. Read the rest of this entry »

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Iceland-And while we’re looking the other way, our resources are peddled off at bargain prices

Posted by seumasach on August 20, 2009

Iceland Weather Report

20th August, 2009

Tomorrow, a decision will be made as to whether the Suðurnes Power Company [HS orka, in Icelandic] will become fully privatized and owned by a Canadian company called Magma Energy.

This is the horror story of the week.

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