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If all the governments helped, it makes it a level playing field.
Interest rates up
- Thread starter JohnD
- Start date
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Iceland (in the EEA) paid back all it's debts, and now has a budget surplus...
And soon to wipe out their national debt ...
So what should we learn from their willingness to let their banks go bust?
E
EddieM
That last bit of the quote misses off the Irish taxpayers weren't so lucky. It wasn't a comment about icelandic banks.
Has it? As I understand it, it was not in a position to honour the Deposit Guarantee, because the bank accounts outweighed the nations funds. Some depositors lost all or most of their money, and some were repaid in part or in full by the governments of their own countries.
Isn't that right?
"Deposit guarantee schemes (DGS) reimburse a limited amount to compensate depositors whose bank has failed. A fundamental principle underlying DGS is that they are funded entirely by banks, and that no taxpayer funds are used.
Under EU rules, deposit guarantee schemes
- protect depositors' savings by guaranteeing deposits of up to €100,000
- help prevent the mass withdrawal of deposits in the case of bank failure, which can create financial instability"
the current limit is high enough to reassure the average retail saver, but not enough for the wealthy, or commercial depositors, local authorities, or billionaire gangsters.
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Nope...
https://www.theguardian.com/busines...bursed-for-icesave-bank-collapse-iceland-says
https://icelandmonitor.mbl.is/news/news/2015/10/09/iceland_completes_pay_back_of_imf_loan/
Funnily enough Iceland had a couple of national referendums on this matter.
In both cases it was democratically decided that the assets of the private banks should be found liable, not the citizens/taxpayers of Iceland...
Under the threat of imprisonment of their bankers (and some were indeed jailed), miraculously the hidden assets were found.!
A lesson to be learned, and 'fake news' quashed - but the world's financial system doesn't want the alternative solution to be widely known !
Sadly the UK of course took a different route, and we will be paying for our banks ad infinitum in this country!
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E
EddieM
Not so easy if unlike Iceland you are not able to devalue your currency, as of course was the case with Greece, Portugal, Spain, Italy & Ireland.. still i suppose Iceland owe us 4% of their GDP until 2023 and 2% of their GDP to holland until 2023.
Not true...
(and it's Icelandic banks - plural)
After securing "priority creditor status" they got the vast majority (95%) back, leaving a loss of about £50m in total - which is roughly the amount UK councils paid by auction to sell their claim to investment firms covering the last bit of Icelandic bank debt.
However given that 18% of the amount paid back was in ISK, then with the ISK exchange rate appreciation since reimbursement (approx 30%) our councils should be 'quids in'!
(Although in another show of incompetence they lost out in the currency stakes with that auction)
On the other hand the UK taxpayer has just lost about £2.1 billion in the latest RBS privatisation give-away by our government, with far greater losses to come...
So which amount do you consider to be 'losing a packet'?
PS. Don't believe everything you think you know
Linky
Linky Linky
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Wrong...
See the post above!
(very soon it'll be us owing them)
But the UK is also in a similar position to Iceland as regards an independent currency.
We've simply decided by referendum to devalue our currency for no reason at all !
Which bit of '95%' don't you understand?
There are plenty of links out there, but you are obviously being obtuse, so: linky linky linky
(the clue is in the word 'priority'
)But thanks for also giving us a clue as to your lack of knowledge as regards the buying/selling of debts/assets...
(particularly important given the 'packet' that is currently tied up in student loans - approx £100bn, most of which won't be repaid)
And you obviously don't give a monkeys about the vast amount of money lost by the taxpayer at RBS, because that's not even worth a comment from you...
You've been caught out yet again notchy, so just admit you're wrong...
Go on, break the habit of this current username of yours!
I guess you struggle to understand your link.
It does not say the debt has been repaid in full.
Try reading it properly this time, then report back.
Oh dear Ellal thinks student loans have something to do with Iceland banks. Poor chap.
Od dear Ellal thinks RBS is an Icelandic bank. Either that or has a short attention span and cant keep on topic. Or maybe its a diversion to avoid admitting he is wrong. I wonder which of those it is. Probably all, of them
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Ever deteriorating cycle of abuse and insult, which has become the priority, rather than issue of the thread.I guess you struggle to understand
Try reading it properly this time, then report back.
Oh dear Ellal thinks student loans have something to do with Iceland banks. Poor chap.
Od dear Ellal thinks RBS is an Icelandic bank. Either that or has a short attention span and cant keep on topic. Or maybe its a diversion to avoid admitting he is wrong. I wonder which of those it is. Probably all, of them
That is the default MO of notchy when he has been shown up to be ignorant of the facts...
And it's no accident that he does it over and over again...
Because he's a classic sociopath!*
*'Ad hom' alert
PS. And notchy can't even get his spelling/grammar checker working. Too much 'syrup' I suspect!
(But maybe that is me being a bit too much 'obtu', as notchy words it?
)PPS. Maybe notchy has been getting lessons from the 'dyslexic' Bodd?
(or maybe they are 'one and the same'?)
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For good reason. Get shot of your beloved eu.
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