Iceland´s Refusal To Pay, A Quantum Leap Away From Debt-Slavery
August 18, 2009 by Notsilvia Night
Here in Iceland people say, that if the country´s government agrees to give in to British and Dutch blackmail to pay the debts of the private internet-subsidiary Ice-Save of the private bank Landsbanki, we all will become Ice-Slaves.
So public opinion is forcing the parliament to refuse unconditional debt-payments. According to a new agreement payments are only to be made conditional as a percentage of economic growth.
Already a large group of international banks have come together to sue Iceland for full and unconditional payments.
Joseph Tirado, from the British law-firm Norton Rose said that a large group of banks will be part of this law-suit. He did not want to give the names of those institutions neither would he say in what court the case would be heard.
EU officials and others are threatening Iceland with international isolation.
Michael Hudson, economic professor, researcher and economic adviser to the Icelandic government calls the Parliament´s agreement a quantum leap, which might, if it succeeds to be implemented, change the world’s financial environment.
He explains in his article
The Specter of Debt Revolt Is Haunting Europe -Why Iceland and Latvia Won’t (and Can’t) Pay for the Kleptocrats’ Ripoffs
how Iceland, like Latvia and other east-European countries was tricked into the neo-liberal model of debt-accumulation and how this led to the financial melt-down;
- how the Dutch and, most of all, the British government deliberately increased the damage and so the debt, which by now has become practically un-payable;
– how the demand to pay the debt would lead to inevitable economic destruction;
– how the British and Dutch government subservient to their country´s private financial institutions blackmailed the Icelandic government negotiators into a self-destructive agreement;
– how even EU- and international financial and legal rules were broken in the process;
- and how this all – with the help of the internet – was made public and so forced the Icelandic parliament to set tight limits on the debt-repayments, limits which connects the repayment with the real growth of the Icelandic economy, preventing also the whole-sale of Icelandic resources to foreign creditors as collateral of the debts.
In Hudsons opinion, if Iceland succeeds with this strategy, if the country can protect it´s sovereignty, then it will become a precedent for all other debtor countries all over the world and will end the unlimited powers of exploitation of the global banking kleptocracy.
Iceland´s Refusal To Pay, A Quantum Leap Away From Debt-Slavery
August 18, 2009 by Notsilvia Night
Here in Iceland people say, that if the country´s government agrees to give in to British and Dutch blackmail to pay the debts of the private internet-subsidiary Ice-Save of the private bank Landsbanki, we all will become Ice-Slaves.
So public opinion is forcing the parliament to refuse unconditional debt-payments. According to a new agreement payments are only to be made conditional as a percentage of economic growth.
Already a large group of international banks have come together to sue Iceland for full and unconditional payments.
Joseph Tirado, from the British law-firm Norton Rose said that a large group of banks will be part of this law-suit. He did not want to give the names of those institutions neither would he say in what court the case would be heard.
EU officials and others are threatening Iceland with international isolation.
Michael Hudson, economic professor, researcher and economic adviser to the Icelandic government calls the Parliament´s agreement a quantum leap, which might, if it succeeds to be implemented, change the world’s financial environment.
He explains in his article
The Specter of Debt Revolt Is Haunting Europe -Why Iceland and Latvia Won’t (and Can’t) Pay for the Kleptocrats’ Ripoffs
how Iceland, like Latvia and other east-European countries was tricked into the neo-liberal model of debt-accumulation and how this led to the financial melt-down;
- how the Dutch and, most of all, the British government deliberately increased the damage and so the debt, which by now has become practically un-payable;
– how the demand to pay the debt would lead to inevitable economic destruction;
– how the British and Dutch government subservient to their country´s private financial institutions blackmailed the Icelandic government negotiators into a self-destructive agreement;
– how even EU- and international financial and legal rules were broken in the process;
- and how this all – with the help of the internet – was made public and so forced the Icelandic parliament to set tight limits on the debt-repayments, limits which connects the repayment with the real growth of the Icelandic economy, preventing also the whole-sale of Icelandic resources to foreign creditors as collateral of the debts.
In Hudsons opinion, if Iceland succeeds with this strategy, if the country can protect it´s sovereignty, then it will become a precedent for all other debtor countries all over the world and will end the unlimited powers of exploitation of the global banking kleptocracy.
Some excerpts from Hudson´s article:.......
http://notsylvia.wordpress.com/2009/08/18/iceland´s-refusal-to-pay/