Iceland, I salute you.

Junie 19, 2012 in Sonder kategorie

Great little victories of ordinary people

While banks and local and foreign authorities were desperately seeking economic solutions, the Icelandic people took to the streets and their persistent daily demonstrations outside parliament in Reykjavik prompted the resignation of the conservative Prime Minister Geir H. Haarde and his entire government.

Citizens demanded, in addition, to convene early elections, and they succeeded. In April a coalition government was elected, formed by the Social Democratic Alliance and the Left Green Movement, headed by a new Prime Minister, Jóhanna Sigurðardóttir.

Throughout 2009 the Icelandic economy continued to be in a precarious situation (at the end of the year the GDP had dropped by 7%) but, despite this, the Parliament proposed to repay the debt to Britain and the Netherlands with a payment of 3,500 million Euros, a sum to be paid every month by Icelandic families for 15 years at 5.5% interest.

The move sparked anger again in the Icelanders, who returned to the streets demanding that, at least, that decision was put to a referendum. Another big small victory for the street protests: in March 2010 that vote was held and an overwhelming 93% of the population refused to repay the debt, at least with those conditions.

This forced the creditors to rethink the deal and improve it, offering 3% interest and payment over 37 years. Not even that was enough. The current president, on seeing that Parliament approved the agreement by a narrow margin, decided last month not to approve it and to call on the Icelandic people to vote in a referendum so that they would have the last word.

The bankers are fleeing in fear.

Returning to the tense situation in 2010, while the Icelanders were refusing to pay a debt incurred by financial sharks without consultation, the coalition government had launched an investigation to determine legal responsibilities for the fatal economic crisis and had already arrested several bankers and top executives closely linked to high risk operations.

Interpol, meanwhile, had issued an international arrest warrant against Sigurdur Einarsson, former president of one of the banks. This situation led scared bankers and executives to leave the country en masse.


Blikskottel: Knows that this will happen in RSA as well….watch this space.

4 antwoorde op Iceland, I salute you.

  1. Hoekom blog jy deesdae net in Ingels, ou Blikkie?

  2. Nie helmal waar nie. Ek pas die taal aan na gelang van die onderwerp of skakels wat ek gebruik…. maar ek sal probeer meer gereeld in Afrikaans blog.

    In die pos, sou yslanders my nie verstaan nie en ek stuur die link vir mense internasionaal aan.

  3. Regso,ek sal jou vergewe.Wil jou pot maar net bietjie omroer.He!he!

  4. Ja, tenminste beledig jy my nie en maak vieslike kommentare nie. Groete

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