Protests and riots followed, eventually forcing the government to be replaced by a newly formed left-wing coalition.
The coalition eventually gave in to the outside demands that Iceland pay off a total of three and a half million Euros. This would require each Icelander to pay $130 per month for fifteen years, at 5.5% interest, to pay off a debt incurred by private parties vis-à-vis other private parties. It was the straw that broke the reindeer’s back. What happened next was extraordinary. The belief that citizens had to pay for the mistakes of a financial monopoly, that an entire nation must be taxed to pay off private debts was shattered. The Head of State, Olafur Ragnar Grimsson, refused to ratify the law that would make Icelanders responsible for bankers’ debts, and supported calls for a referendum. International community was furious! The world only increased the pressure. Great Britain and Holland warned of dire reprisals that would isolate the country including cutting off aid from the IMF and freezing Icelandic foreign bank accounts. Read More…
THIS IS WHAT I HAD SAID ABOUT 15 YEARS AGO IN BANGLA DESH DURING THE UNDP REGIONAL CONFERENCE: THAT IF ALL SMALL NATIONS WERE TO REFUSE TO PAY INTEREST ON THE BACK BREAKING DEBT OF THE MERCENARY WORLD BANK AND IMF AND REFUSE EVEN TO PAY BACK THE DEBT, THE WORLD WILL BE SAVED;
BUT SMALL NATIONS WILL PROGRESS.
WOW ICELANDIC PEOPLE HAVE ACTED…. NOW THE THIRD WORLD MUST FOLLOW THIS IN THE NEW YEAR. DR. LEO REBELLO
I CONGRATULATE THE BRAVE ICELANDIC PEOPLE.
SUCH A BIG AND SILENT REVOLUTION HAS NOT BEEN REPORTED BY THE CAPITALISTIC (READ JEWISH) MEDIA EVEN IN INDIA.
The problem (and the solution) of all this European debt crisis is that it does not represent real money at all: it is all about the money created by a stroke of pen. Not even worth the paper it is all written on. The debt should be written off in full as it happened in the past with Brazil and Argentina. Trying to pay off such “debt” is an attempt to change non-existent money created by a stroke of pen into real money.
Those who don’t know what it means should find out about the “credit creation”.
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