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With Its Economy On The Mend, Iceland Stuffs Bankers For Second Time
In a shining example of how it can be done, Iceland, for the second time in as many years, by popular vote refused to provide up to $5 billion to Britain and Netherlands banks. The just completed referendum once again rejected a $5 billion Icesave debt deal, pushed on Iceland by its European banking brethren. "The debt was incurred when Britain and the
Netherlands compensated their nationals who lost savings in online
"Icesave" accounts owned by Landsbanki, one of three Icelandic banks
that collapsed in late 2008." And while Iceland PM Johanna Sigurdardottir did a brief Mutual Assured Destruction tour claiming "economic and political chaos could follow" we can't help but think we are witnessing the early stages of Europe's most flourishing economy over the next decade, while all other countries in Europe fail one after another due to their inability, unwillingness and cowardice to force bankers to experience, gasp, losses for fear of "reprisals." As for the "isolation" that Iceland is threatened with experiencing should it give banksters the finger, we are certain it is just a matter of a few months before some enterprising hedge funds, scrambling for yield career risk offsets, decide to take on the role of the IMF or of repeatedly insolvent Dexia, and lend directly to Iceland.
From the Sunday Morning Herald:
Icelanders have rejected a depositor claims agreement with Britain and Netherlands for a second time in as many years as voters signalled they did not want tax funds to cover foreign losses by a private bank.
Initial results showed 59.1 per cent of voters said ''no'' to the so-called Icesave agreement, while 40.9 per cent said ''yes'', based on figures published by a regional electorate commission, with about 90 per cent of votes counted.
''This matter will now be settled in the European Free Trade Association's court,'' Prime Minister Johanna Sigurdardottir said.
Advertisement: Story continues belowThe government had hoped Icesave would restore investor relations and end the isolation that has stalled Iceland's resurrection from its banking collapse.
M.A.D. - the geyser tour:
"The worst option was chosen. The vote has split the nation in two," Prime Minister Johanna Sigurdardottir told state television, saying it was fairly clear the "no" side had won.
State television said almost 60 percent of voters had rejected the agreement, based on results from five out of six voting districts, including capital Reykjavik. Many voters were against taxpayers footing the bill for irresponsible bankers.
Just over 169,000 votes had been counted out of the 230,000 eligible voters.
The prime minister, who had predicted a no vote would cause economic uncertainty for at least a year or two, did not say whether the government planned to resign.
"We must do all we can to prevent political and economic chaos as a result of this outcome," she said.
That's the fear mongering... And here are the facts in two easy charts.
Ever since Iceland decided to stop pandering to banker interests, and transfer its country's wealth to banks from Europe and Holland, its economy has in fact been on a constant upward trajectory.
Icelanders are angry:
Icelandic lawmakers in February backed a repayment plan agreed with creditors, but the president refused to sign the bill, triggering the vote. In March 2010, Iceland rejected an earlier Icesave repayment blueprint in a referendum.
"I know this will probably hurt us internationally, but it is worth taking a stance," Thorgerdun Asgeirsdottir, a 28-year-old barista, said after casting a "no" vote.
Svanhvit Ingibergs, 33, who works at a rest home, said: "I had no part in causing those debts, and I don't want our children to risk having to pay them. It would be better to settle this in a court."Iceland is still pulling itself out of the recession which hit it after its bank crash, and policymakers and economists have said solving the Icesave issue would help the country get back into international financial markets.
Getting such funding is also part of a plan to end the controls on capital flows it imposed in 2008 to stabilise a tumbling currency.
The controls have left an estimated equivalent to a quarter of Iceland's gross domestic product in the hands of foreign investors, many of whom are expected to want to pull out. Ratings agencies follow the vote closely. Moody's has said it may lower its credit rating on Iceland in case of a 'no'.
And so a nation of 320,000 once again takes the baton of bankster liberation, while a country of 320 million continues to refuse to care, even as with each passing month another $150 billion in debt is added to the public debt total.
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Obama is working on a excuse to bomb Iceland next.
And for that campaign he will earn the Nobel Peace Prize with a combat V for valor and a gold star for conescutive awards.
I think he will win the "Nobel prize for Economics" if he does so.
He only has to claim Amerika has an "interest" in Iceland and they are toast. Corruption is disgusting.
The gelheads in the City of London and Amsterdam totally deserve this. Their nation raping and usury track record is second to none.
So proud to see a Nordic nation show a finger to the gelheads. Next in line: Finland. They have elections soon and the parties leading the gallups have woved to kill the bailouts for PIGS i.e. for the gelheads in France and Vaterland.
Here is how Iceland will be able to borrow again in no time at all.
Wall street will fire the traders who kept on positions hoping that Iceland would agree to some stupid payment scheme. Some new person will take over the book. They will convince management to write it down even further. So over the next few months if nothing happens, that new person managing Iceland will be able to mark up his positions for no reason other than he (or she) had been able to mark them down to absurd levels. Then you probably will see hedge funds step in and fund Iceland. Now these old residual positions will improve a bit and the person who inherited the book will now mark the positions up further and may even see a slight increase in trading volumes, providing additional p&l. Now management will start to show interest in this 'superstar' who has turned the iceland book around. They will ask the trader what he needs to generate even more money. Since all that trader knows is being long and that the situation is improving, he will suggest getting longer. Since he is making money, his word is gospel and management will give him more capital to buy more iceland debt. This will drive up the price of his existing debt, earning more money. So more money will be given to him, at which point the bankers will come on their hands and knees begging him to support their efforts to underwrite newe Icelandic debt since that looks to be a profitable 'new again' revenue source. With p&l and the bankers behind him, management will give him even more capital. Then they will underwrite Icelandic bonds and search for opportunities in even more obscure names so that we can repeat the whole cycle again.
Replace Iceland with Korea, Russia, Argentina, Brazil, etc., and you have basically described the emerging market trading desk business plan for the past 25 years.
"The Icelandic nation has now delivered its verdict and shouldered unequivocally the responsibility it is granted by the Constitution. The turnout was high by Western standards, and this, together with the extensive and thorough debate in the run-up to the referendum, shows clearly how important the issue was to the nation.
The people have now spoken clearly on this matter on two occasions in accordance with the democratic tradition which is Europe’s most important contribution to world history. The leaders of other states and international institutions will have to respect this expression of the national will. Solutions to disputes arising from financial crises and failures of banks must take account of the democratic principles which are the foundation of the constitutional structure of the West.
Iceland has demonstrated its willingness to negotiate agreements; we have shown fairness, but at the same time stuck firmly to our democratic and legal rights.
Although a majority of the electorate has in this referendum said ‘no’ with respect to the conclusions of the negotiations which took place last year, it is necessary to emphasise that the nature of the Icesave issue is such that the British and Dutch authorities and agencies will still, notwithstanding this result, receive immense sums from the estate of Landsbanki. In all likelihood, the amounts paid to them will come to the equivalent of USD 7-9 billion, the first payment taking place within a few months.
It is therefore not correct to maintain that the United Kingdom and the Netherlands will not receive any payments. The Icesave dispute has centred on interest payments and the interpretation of the European Union’s regulations." http://www.forseti.is/media/documents/2011_04_10_Statement0.doc
Obama has given his approval. The British Tornadoes are in the air and headed for Iceland.
The Banksters will find a way to get a UN resolution for a blockade / no fly zone put in place until they get their money. The people of Iceland are going to pay or else...
nICEsave†
It's the same gameplan over and over. Saddle the little people of a country with debt while giving away the country's wealth to the plutocrats. And when a country is sufficiently in debt, impose "austerity" and take away all sovereign democratic rights (under the guise of necessity to repay the debt).
"It's the same gameplan over and over. Saddle the little people of a country with debt while giving away the country's wealth to the plutocrats." - Absolutely. And most people have NO idea HOW EASY IT IS to PUMP & DUMP individual stocks, bonds... or entire markets & currencies. Jim Cramer explained how in his now censored "FOMENTING" video: he would use $10 million through various front dealers to PUMP or DUMP that week's biggest movers (his examples included RIMM & APPL, Blackberry & Apple computer!), and as soon as the herd came pouring in to catch the rise or fall HE had CREATED, Cramer would go the opposite way, and make a killing... slicing & dicing other peoples' pension funds (by spooking pension fund managers or complicit churn-and-burn fund managers).
And it gets even easier than that: ALL you need do to TRIGGER A PANIC at a bank, is be a major depositor and WITHDRAW your deposits.
In short, these above tactics allow one to profit from SHORTING a stock, company... or, as the Rothschilds pioneered 200 years ago, the entire bond issue that was the signature financial issue for an entire country; the R's could "PUMP & DUMP ENTIRE CURRENCIES, entire economies, 200 years ago, so in today's era of flash trading and highly LEVERAGED markets, it is CHILD'S PLAY to SPOOK the markets.
( See also mini-rothschilds operator George Soros, whose DESTRUCTION of the British pound almost certainly used NAKED SHORTS - the COUNTERFEITING of billions of pounds that did not actually exist, to SUPRESS the trading range of those pounds that were being traded.)
That giant sucking sound you hear is NOT "WEALTH CREATION," it is the Big Boys organizing in a cabal of hungry sharks to HACK, SLASH, PILLAGE, RAPE, LOOT, & PLUNDER the existing wealth that others have created.
You know that the old banksters/kingsters' historical joke : Call true iceland, Greenland, and call true green land, Iceland! And it's worked for centuries. Now they've fallen into their own trap trying to trap a SECOND time the people they bamboozled/swindled once ALREADY during the financial crisis, that they had named as Iceland; to keep it to themselves as a prime plum they could suck at again and again. Well, well... let the people talk now! Take their land back as it is truly....green land! Now to install green technology there and we will have green men taking over Europe...What a dream come true! Where are you FRODO BAGGINS & CO!...Lets go march on Sauron...the evil oily ring to throw down to the depths of Earth.
All true visions begin in fantasy...until they become reality.
Soon we will hear news reports of Al Quaeda cells operating out of Iceland and that a military intervention is necessary.
Or maybe Iceland will get the blame for a false flag, or something.
Obama: "Iceland surpasses Al Qaeda in domestic and international terrorism and must be dealt with".
You both don't know how right you are. Iceland is telling Usury Inc. to fuck itself.
Bernanke: "Iceland enabler of financial terrorism, responsible for rising interest rates, collapse of US housing market, but not for inflation."
Obama will insist on a UN vote for another 'No French Fry Zone'.
The snubbing will last all of a couple month, maybe a year, and then because they're actually really rebounding rather than just creating credit and pretending everything's all better they're become a magnet for investment.
The banks knew (or should have known) that the risk of not getting the money back was out there, not considering the risk just makes them look foolish...now kicking and screaming like some out-of-control child who's not getting what it wants.
Don't count the Euro-Nazis out yet! The modus operandi in Europe is to keep forcing one vote after the other until they get the results they want. People have no idea how evil and nasty the powers in the shadows really are. Once I worked for a Dow Jones company and had to deal with the upper echelons of the banking industry in Europe. They higher you went up, the worse the manners became. The UK guys were unbelievable in their incessant use of cuss words and rude behavior at social events. I am 99% sure that Blankfein, Dimon, etc. and nothing more than thugs in armani suits.
Don't count the Euro-Nazis out yet! The modus operandi in Europe is to keep forcing one vote after the other until they get the results they want.
Yep, far from over this will be a continuous battle.
I was always under the bizarre impression that Iceland was part of North America. Can't explain exactly why, but maybe USian could take a close look in their geography books. Not that i agree with that description, but the question has been posed.
Respect.
By the way, if anyone is interested in the background of this facinating story, here are two articles from Vanity Fair.
http://www.vanityfair.com/politics/features/2009/04/iceland200904
http://www.vanityfair.com/online/daily/2009/03/michael-lewis-talks-about...
-
p.s. VF is a great source for financial stories, and no, that is not an attempt at humor, I turned a decent retired English banker (hard to believe, but true) onto it and we became great friends.
i hope ireland is watching
The Common Man In The Street in Iceland would more than likely park his money in a bank hoping for perhaps a 5%-6% interest rate [actually you are lending the bank your money {they are not holding it for you}], the banks should make careful and prudent decisions on how to utilize that money for a profit - taking it to the casinos in no way obligates the depositors to make up losses; indeed, they could lose their savings - but to hold them liable for the bankers' losses by using the depositors' tax liabilties is absurd! If Icelanders stupidly voted Yes, then they deserve to get royally fleeced - thank God someone showed some intelligence - GO ICELANDERS!!!!
To think America used to have a law that set the standard of what was a legitimate asset or debt, and what was not. Glass-Steagall
But in lieu of Glass-Stegall there are other ways to at least partially skin a cat. Ice'picks in bankster balls'land I salute you.
Just goes to show you how much the bankster hacks will try to screw the people over. TWO votes, a court case, AND constant M.A.D. rhetoric.
Ireland, you're up. Portugal in the batter's box, and Spain is in the hole.
Of course here instead of default and/or wiping out the fraud, we speak of cuts, as if cuts will do anything to save this dying fraudulent system. While the banksters spend many more times that, and if a shut down occurs, would probably try to print MORE to 'make up the difference' (as we already know they'll still print anyways).
They'd only shut down YOUR part of the gov't, not THEIRS a.k.a. the printing presses.
I watched a documentary last night on the Medici in renaissance Florence. The power structure at the time was made up of various ruling families vying for the control of the city. Lots of violence, bribery, schemes and all around dirty tricks. Sound familiar?
Global
Insurrection
Against
Banker
Occupation
GIABO...not the guy from Ivory Coast!
Kudos to the Iceland people. They are proof positive that we are not here to serve the bankers, except here in the land of the free (money for bankers) and the home of the brave!
I heard the Scottish parliament has filed a demurrer in which a priori trademark is claimed in the practice of sheep stealing. So it's the fish or hard luck, aye solicitors?
Go Iceland! Show these world wide criminal banksters how it's done. And Bernanke and Obummer, eat SH*T!!!!!!!!!
When bankers cry, somewhere, a flower blooms.
I am confused. Last time I checked, Iceland was not part of the EU. What legal recourse does any EU court have over iceland? Even if it went to court, and the EU won, whats stopping Iceland from telling them to shove it?
Last time I checked, Iceland ceded its sovereignty when it joined the CoE (as distinct from the EU), which enforces unwanted court decisions, unwanted alien laws and unwanted non-European immigration in all European countries (save from Belarus) under the pretense of "European values" and the talisman of "democracy" regardless of the meaning of the word.
Nothing is stopping Iceland telling them to shove it but a treasonous political class and an uninformed population. I see none in any European nation telling the CoE to shove it.
What right do jooz have to sue in US Courts people and corporations that "participated" in the holohoax 70 years ago on another continent?!? Hint, get some joo judges (or paid off goyem) lined up, and you can sue for anything!
iceland ftw
The last state that talked back at the Jews like this was Nazi Germany (the land of zero inflation, 1% unemployment, no debt and proud people). Iceland best be careful or Obama might decide to liberate them.
Opposing inflation is blatant anti-semitism.
Inflation (and deflation, depending what's useful) is a central component of the international project. It is - precisely - semitism. All thinking, ethical men must stand against it.
And while Iceland PM Johanna Sigurdardottir did a brief Mutual Assured Destruction tour claiming "economic and political chaos could follow"
Edit: "economic and political stability could follow"
Courageous is how I characterise the Icelandic people. They have what most of the rest of the world lacks 'BALLS". One thing that enables them to middle finger the shake down is the fact they are ENERGY INDEPENDANT.
God bless Iceland.
Heroic. And yet another example of why zerohedge is the only site that matters.
The only way Iceland doesn't pay is war. That's people burning the political class in the streets.
Chaos, death and no government. Otherwise the courts will find that Iceland has to pay backed the debt because it was allegedly government backed.
Iceland doesn't win until theres blood in the streets.
Exactly. The blood of the judges who return such findings.
Make no mistake. Every government is a "fictitious entity", a "corporation". They are not "every man", they are a separate fictitious entity. Let those who were in that government deal with the jerks who want their money. Let them fight it out.
And let the people of Iceland say, "we are not involved".
Entities who went chasing yield in Iceland were players; they played and lost. If their own governments bailed them out, then twice the fools.
Hey, lets put some money in Iceland! Right.
We could vote to tell the banks to stuff it - and our politicians left and right will support the banks.
This is precisely what has happened.
The myopic MSM portrayal of the Tea Party as religioso wing-nuts has been successful; and business as usual under the fantasy dome of the Beltway continues.
The only true winners are the banksters and Wall Street (and politicos wallets).
Now if they'd just knock off with the whale killing already. Little to no whale meat is consumed locally, most exported to Japan, another place with some other issues to solve.
For substantial period of time Iceland lived far beyond its means. Icelanders enjoyed one of the highest living standards in the world. Nobody seem to blame "banksters" for that.
When the crisis emerged the country introduced capital controls (following Paul Krugman recommendations) and everybody found itself in deep shit. No they refuse to accept financial obligations and I assure you they will go into the deeper shit despite rosy predictions of the article. Iceland is a poor country and live within its means mean to stay poor but live with dignity. The reommendations of the article are dishonest to say the least.
Do you want US to go Iceland path? Live in deep shit for many years under
capital controls with commies in charge? What an idiotic stance!
Agreed. The Icelandic Krona has lost half its value against the Euro. Things are not rosy in Iceland.
Agreed, Iceland should recover nicely after some fairly short term pain, they are already recovering.
Fear Factor -- This is our "Brand Name" Ratio, measures Fear....with a downward movement indicating increasing fear--thus is moves the same as the US Indices, it often leads. However, the key trade I have used is that when the indices stagnate, consolidate, or dead cat bounce, and FF keep going down, then I expect the indices to follow the way. If FF Does a V bounce off a bottom channel line, I don't maintain bearish positions. Too bad I can't apply the PRS 133/177 since I can only do ratio charts on Prophet charts and not on TOS which is the easiest platform to do PRS channels on.
The Euro just popped the 78 Big Fibonacci line. In the last year or two, waves often retrace to the 78. This prevents most people from being able to make money, since if you set your stop above the 61 or 78, you get stopped out. Anyone trying to make fundamental sense of the Portugal and Euro situation would assume that the Euro would be getting crushed due to printing. Maybe popping the 78 was enough crushing.
It is possible we get a silver kickdown from the PRS 133, but silver has gone parabolic in the past and may need to draw in even more people before a huge turn down....enough of a crush to get everyone who jumped on that train to get off the train at a loss, say silver to below 20.
Note the "Egg" Launch on Cable (GBP/USD Currency). Just when it looks like it is going to fall off the edge of the Egg....a massive launch upward. This truly is a pattern, be it said that Hawaii Trading claims the Egg Launch as proprietary.
Soybeans -- just an interesting adherence to PRS channel lines. Not playing this one, futures are quite illiquid, which means they will hunt your stops at night. Could be a kickdown, could be a bull flag. How far can the New World Order crush the food supply without generating massive social upheaval? I won't place my money betting on at.
http://oahutrading.blogspot.com/2011/04/fear-factor.html
"Initial results showed 59.1 per cent of voters said ''no'' to the so-called Icesave agreement, while 40.9 per cent said ''yes'', based on figures published by a regional electorate commission",
Wow...There sure still is a lot of sheeple in Iceland.
Lynnybee....
It sounds like your dinner guest in the restraunt will one day knock on your door for some food.
Don't forget to laugh...!
This is hilarious!!! Sooo, like how do you frame your claim and such??? Maybe:
Paragraph 44 :(of the Complaint) The Plaintiffs are various banks and investors who put their money into the Icelandic Banks, and Holy Crap!!!, the Banks went BELLY UP!!!
Paragraph 45: The Defendants are like the 320,000 people listed on Exhibit A, hereinafter called "Everybody In Iceland."
Paragraph 46: Each of the Defendants has been personally served, as is supported by 320,000 Affidavits of Service With Allonges, each personally signed and notarized by Linda Green, Vice President of Everything.
OH, this is silly stuff!!! But maybe we are lucky and it is: Gotterdammerbanker!!!
http://squeekonomics.wordpress.com/2011/04/10/gotterdammerbanker-the-twi...
Tee Hee! Tee Hee!
Squeeky Fromm, Girl Reporter
Absolutely well done to the people of Iceland. I am puzzled really why anyone would have voted YES to paying (not REpaying) these gambling debts.
They are being given the old story of terrible consequences if they do not act to bail out the banksters, and they have to act NOW.
For the US it was - What would be the consequences if.... money would flow out of the country leading to Us dollar collapse, markets would shut down, martial law, riots, too big to fail, etc, etc.
When are we going to really wake up and say enough of this bullshit.
The banksters lost some of their money - tough - they got away with their crimes and took huge bonuses, and continued to operate - why not just stop there?
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Aaaaaaahahahaahahaaha "With Its Economy On The Mend, Iceland Stuffs Bankers For Second Time": Vigilante Man http://youtu.be/x4KmbUCwkyE
its the same old set over and over
http://juice-manjuicer.com
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How are the banking 'stress tests' going in Iceland?
Seems they're stressing out European bankers rather a lot... that's a 'PASS' in my book
Buy Icelandic vodka - the easiest way we can approve with our wallets of the least corrupt nation on planet.
What's Iceland's immigration policy? Where does one apply?
Iceland is the only people in the world with brains and balls? What, don't the chem-trails pollute their skies and mush their brains too?
Congrats to the people of Iceland.
Everyone else... wake up and learn from their example.
#1: Walk away from your mortgage debt, since your house secures that loan, and you were intentionally scammed by the predators-that-be and predator-class via the housing bubble, so you have no ethical reason to get screwed.
#2: Since you asked for it, pay off the rest of your debt and never take a loan again.
#3: Make the government of the USSA default, and demand a constitutional amendment to require the USSA to never run a deficit or borrow in any way, shape or form... or make obligations that are not already fully funded.
Better yet:
Terminate the federal reserve.
Terminate the federal government.
The experiments with central banks and central governments are absolute, complete, utter failures. They must end, and the sooner the better.
Taking a dollar out of the pocket of a joo is like putting a stake thru the heart of a vampire! I bet the "Evil Tribe" is giving out a collective shriek that that can be heard two or three light years away!
Buying a bottle of Icelandic Vodka tomorrow - they deserve a toast!!
http://www.youtube.com/watch?v=iJjE1-VVgvo
Good for the Iceland citizens. Risk and Reward - if you are chasing yield - you are taking risk. Our investor class seems to think there is a way of capturing yield risk-free. Unfortunately due to spineless compromised govenment officials - they seem to be enjoying this exact situation - for the moment. It should be fun to see how this turns out though.
Iceland is probably the New Century America.
Oh! America .. like Britain .. a relic ....
+20
That settles it: I'm gonna pick up six cases of Brennivin to celebrate!
Damn right
Beers are Egils Premium - Lager, Móri - red ale and Skjálfti- lager.
I know what I'm ordering at the pub next time - Icelandic beer - the beer for capitalists (cuurent population = zeros hege readers + population of Iceland + a few others)
Except for the US with its unique FDIC "insurance" most countries do not have depository insurance. There was, and should not have been, any expectation by bank depositors that in the event of a failure they would be repaid. Nice that the Brits and Dutch stepped in for their depositors, but how is that Iceland's national problem, and more than it was a US taxpayer problem when Goldman, Lehman, AIG, et al, gambled and lost big; then were able to dump the problem on US taxpayers (as well as all the investors that were cheated big time by the financial crap these guys churned out).
Thanks Iceland, for having the kahunas to set the record straight. Too bad Ireland didn't do the same thing.
It is most definitely time that ALL nations shake off these shackles. Indeud, the examples set by Icelandic reaction and Norway's prevention won't amount to a hill of beans in the long run if we don't all follow suit.
Those BASTARDS! :D
Any of our enterprising Icelandic readers have a room for rent to this brotha? I would much rather suffer the physical pain of residing in a cold climate IF I could be surrounded by such worthwhile folks rather than continue residing with a flock of Ostrich's that defecate more profusely than a flock of geese on migration.
Don't worry ! Whatever happened to Ireland and all PIGS country, all country in debt !!!!
The CB Authority has one simple solution - Bail Out !!!
More frankly,if Any country on earth is going to be bankrupted and deeply in debt,
The CB Groups will Bailout you ==== force you to take more debt to your debt crisis !
Actually ,Starting KILLing your country and all your citizen.
==Rob your nation's tax& all citizen's hard work and saving,probably for generations !
Although CB Authority fix nothing, just bail out you === Make your debt problem bigger and more severe !
They could publicly claim : The debt crisis is finished ,The Euro debt crisis is Over !
That's CB's way for debt crisis !!!
That's what it really means for bailout !
Full support for Iceland, hope Ireland end Portugal will soon follow.
+1
This situation in Iceland could be the death of Keynsianism,Government theft (income tax) and lead to an enlightened,free World where the primacy of individual rights is recognized forever.Watch out! They're at the top of the hit list.
I will lend the Icelanders money. They pay their debts, just not anyones else's....strange that...I'm not a fan of paying for my neighbour, now he mine.
At the rate this is going, Iceland will be the only solvent capitalist country in Europe...as for the threat that they may not join the EU......the Icelander will be thanking their lucky stars for that one....and ROLAO