Sunday, 10 April 2011

Hypja Sig Burtu


Iceland rejects Icesave repayment deal

Nearly 60% of people were against the plan

Icelanders have rejected the latest plan to repay the UK and Netherlands some 4bn euros lost when the country's banking system collapsed in 2008.

Partial referendum results show 58% voting no, and 42% supporting the plan.

Johanna Sigurdardottir, Iceland's Prime Minister, said the rejection meant "the worst option was chosen".

UK Treasury minister Danny Alexander said the decision was "disappointing" and the matter would go to an international court

Oh dear. Democracy works. Well, in some places it seems.

If I didn't believe 90% of the developed and semi-developed world was a kleptocracy, a plutocracy or a combination therein, blogs like this wouldn't exist.

Good on the 60% of the Icelanders that told the banksters to hypja sig burtu.

Betcha the Irish, Greek and Portugese are contemplating why their limp dick governments are more smitten with bond holders and bankers than their citizens welfare. As they face a generation or two of austerity they must consider the fact that Iceland has a sovereign currency.

Some of the piglets are not like the others.

Its all right Paddy, Stavros and Rodrigo. Everyone knows you are trying to explain to your family why you've lost your job when you worked hard, paid your bills and never borrowed too much money and always paid it back. We sympathise.

The bankers don't. Betcha the guy carving up your neighbourhood's mortgages into BB and C+ Credit Default Swap tranches earns more in one year than you would have in 40.

Suck it up.


  1. Tragic but true. Hey this is looking like an interesting (and promising) new blog.

  2. Thanks for the kind words. I'll try. The storm is brewing.