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Tuesday, January 29, 2013
Mish / Mike Shedlock – Iceland Wins! “Icesave” Lawsuit Dismissed, Court Orders EC And EFTA To Pay Costs
Iceland in an economic recovery thanks to its decision to not bailout banks at taxpayer expense during the great financial collapse. Iceland’s decision upset the UK and Netherlands. Both countries foolishly decided to reimburse its depositors, then sue Iceland to pay.
The story goes back to 2010 and I have commented many times on Iceland and Icesave and how Iceland was doing the right thing.
Here are a couple links on Icesave if you need to refresh your memory.
The decision was delivered in open court in Luxembourg on 28 January 2013. Congratulations to Iceland.
The EFTA is the European Free Trade Surveillance Authority. The European Free Trade Association Surveillance Authority performs the executive role of the European Commission in the countries of the European Free Trade Association (EFTA) which are part of the European Economic Area (EEA).
Justice was served in the end, but it took a lot of trials and tribulations to get there. The Icelandic parliament voted twice to make Icelandic citizens responsible. The matter only went to referendum in the first place when Iceland’s President, Ólafur Ragnar Grímsson insisted upon a referendum.
Voters rejected the first referendum by a 93 to 7 percent margin. Yet, prime minister Prime Minister Johanna Sigurdardottir vowed to make the referendum “obsolete”.