First It Refused To Bail Out Its Insolvent Banks; Now Iceland Set To Officially Withdraw European Union Application

Tyler Durden's picture

Iceland may be a small country, but when it comes to dealing with big problems it is truly the modern equivalent of David in the battle against the status quo Goliath. First, it was Iceland, and only Iceland, refusing to bail out its banks, when every other western nation was being held hostage by those who stood to lose the most from a financial collapse, and even going so far as throwing some of its banking executives in prison. And now, as MBL reports, Iceland's con­ser­v­a­tive In­de­pen­dence Party will sup­port a res­o­lu­tion in par­lia­ment to for­mally with­draw Ice­land's ap­pli­ca­tion to join the Eu­ro­pean Union.

As MBL further reports, yhis was con­firmed to­day by Bjarni Benedik­ts­son, Min­is­ter of Fi­nance and the par­ty's chair­man, in an in­ter­view with the state broad­caster RÚV.

The EU ac­ces­sion talks were put on hold af­ter the gen­eral elec­tions in April 2013. The elec­tions re­sulted in the In­de­pen­dence Party and the cen­trist Progress Party form­ing a coali­tion gov­ern­ment backed by 38 MPs out of 63 in to­tal. Prime Min­is­ter Sig­mundur Davíð Gunnlaugs­son said ear­lier this month that he ex­pected a res­o­lu­tion with­draw­ing the EU ap­pli­ca­tion to be put to the par­lia­ment soon and For­eign Min­is­ter Gun­nar Bragi Sveins­son, who as Gunnlaugs­son be­longs to the Progress Party, has said it would be sense­less not to with­draw the ap­pli­ca­tion. If any­thing Sveins­son has said there are more ar­gu­ments for do­ing so now than a year ago.


The gov­ern­ment put such a res­o­lu­tion to the par­lia­ment last year but the mat­ter was not con­cluded be­fore sum­mer re­cess. Mainly be­cause of a fil­i­busted which was staged by the op­po­si­tion call­ing for a ref­er­en­dum on the is­sue. As a con­se­quence the gov­ern­ment de­cided to post­pone the mat­ter as it con­sid­ered more press­ing to get other is­sues ac­cepted. Pri­mar­ily laws paving the way for a gov­ern­ment pro­gram to re­duce house­hold debts.


"This is a res­o­lu­tion which we sup­ported last year," Benedik­ts­son said adding that noth­ing had changed since then. Asked if that meant the con­ser­v­a­tives would sup­port a res­o­lu­tion to with­draw the EU ap­pli­ca­tion he replied: "Yes, we would do that just like we did last time."

So yes, dear Greece: as you prepare for elections whih may result in the first official departure of a European country from the Eurozone, not only has Iceland shown that one can voluntarily not seek to be part of the "greater European good", but in fact voluntarily seek to not be part of said good.

And the cherry on top: as recently as 2013 the country was growing at over 5%: a rate unmatched anywhere in Europe, and on par with the latest annualized US GDP. The one difference, however, is that Iceland does not mandate the "GDP-boosting" and middle-class impoverishing Obamcare.

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ekm1's picture

Iceland never wanted to be part of Europe, let alone EU.

Their army trains with US military since ww2.

This means absolutely nothing

themadhur's picture

Your iconoclastic framework of analysis and thinking consistently provide ample food for thought. Thanks.

El Oregonian's picture

You Icelanders are cool!

Tell 'em to stick it where the sun don't shine!

Ignatius's picture

"Tell 'em to stick it where the sun don't shine!"

Thay would be Oregon, yes?

Publicus's picture

The European Union will not even be mentioned in the history books.

Wolferl's picture

Iceland. A country so small nobody really cares what they do.


(And old news btw.)

nidaar's picture

If they had brown skin color, they would by now have been bombed to stone age at least three times over

25or6to4's picture

If they had brown skin color EVERYBODY would know they were the first Europeans to discover/settle N America.
But with 100% literacy rate you can be guaranteed they are melanin challenged

Jack Burton's picture

I agree. A coup with an American puppet would have taken over. But our white skin gives us an advantage. As badly as the Neoconservative Zionists want to own and rule Iceland, they just can't pull it off. The EU would have swalloed Iceland whole and used it's laws on immigration to end the Icelandic culture, ethnicity and even race. You see, teh communists in Brussels hate all ethnic Europeans, especially us Nordics. The Brussel Soviet will collapse under the dead weight of it's slavery to banks and racists.

25or6to4's picture

Jack Burton
Hope Europeans pull down all those statues that the EU bureaucrats erected to themselves just like eastern Europeans pulled down V. I. Lenin statues when the USSR fell.

fleur de lis's picture

The EU multiculturalists really went to work on Sweden. Maybe because Nordics are culturally egalitarian the EU/NWO used them as a stress test to see how far they could go in diluting and twisting cultural identity before things snap. Communism is a psychopathy.

Ghordius's picture

fleur de lis, how much "EU" is in those "EU multiculturalists"? there is a global multiculturalist movement, yes, and Scandinavian countries are at the fore in that

but those "multiculturalists" have strong bonds among each other across the pond that have very, very little to do with many EU countries

I'll make a simple example: generally speaking, Scandinavian countries have recently banned prostitution. In the southern and central european countries it's legal

fleur de lis's picture

I don't really understand your question but the EU only exists to control the various European countries through subversion of cultural identity and control of production. There are other alphabet organizations to control other nations. All the alphabetters are friends and apply multiculturalism whenever they want to weaken a target society. They have their central bankers for money to back up their scams and subject the populations to wild economics at will.

Why they ban this or promote that does not really matter. Nothing so far-reaching would be put in place without the permission of the EU. The indigenous populations have a tenuous grasp on their own futures. All these countries managed very well for centuries without the parasitic EU and the sooner they ditch them the better. The EU is nothing but trouble. It has no other function but to enrich bureaucrats at the expense of workers.

Cathartes Aura's picture


All the alphabetters are friends and apply multiculturalism whenever they want to weaken a target society. They have their central bankers for money to back up their scams and subject the populations to wild economics at will.

an agenda long used and still playing out on the African continent, to the benefit of all WhiteEuro nation/corporations, since centuries now, yes?  and all "first worlders" so accepting of the "privileged" name-tags, believe it their birth-right, hmm.

because "god".

Dollarmedes's picture

We can only hope it is erased as thoroughly as Stalin's enemies.

Escapedgoat's picture

Yes BND moles or old Gestapo scouts. from the Volga Germans.

Carpenter1's picture

What if Switzerland's move had nothing to do with QE?  What if there's a far bigger game being played here, like the dissolution of the EU? 


That might drop the Euro too, just a tad. 

jefferson32's picture

Iceland is a cornerstone NATO (north atlantic duh..) vassal. They can have fun with a few bankers but don't they try claiming any true sovereignty (airspace, money,..)

disabledvet's picture

"Project Iceworm."


Good luck nuking a glacier.


"And welcome to sound money.". They import deminimus oil " and lied about their name."



Liars Bjorkkson to you!


Now off to Greenland with ya!

Paveway IV's picture

Project Iceworm

Thanks, disabledvet. Never heard if it.

Wasteful and insane, but fascinating....

Tursas's picture
  1. "You must know your enemy!"
gimme-gimme-gimme's picture

The hilarious thing is that Mr no spell check is overstating Iceland’s structural changes. Iceland is a roach motel country and I doubt the EU would let them join unless they actually adopted a long list of policy changes.


1) They still have capital controls

2) They did bail out their local bank branches, but didn't for overseas bank branches

3)Iceland does not want to join the EU because the EU is making them give up on Whaling and other natural resource related laws.

4)Iceland still has HUGE debt to GDP ratio and gigantic loans have been made to Iceland’s "central banks" a.k.a the government.

5)Iceland still has to write off all their national debts and do actual structural changes still.

6)They put a few bankers in jail as a token gesture.  The financial system in Iceland was so overleveraged due to banker incompetence the Iceland governent would look like fools if a few bankers didn't go to jail for a few years (I bet most of them are already out of jail by now too...)


So pretty much this article is a steaming pile of BS on par with something you would get from FoxNews.


Here is a Kyle Bass video explaining the real state of Iceland...

ekm1's picture

300k population. Not even a rounding error

gallistic's picture

Whatever credibility you had, went out the door with Kyle Bass.

hardcleareye's picture

After his miss date on Japan and the Yen imploding haven't heard much from the lad......  maybe he figured it was time to get "quiet" and not draw attention to himself....

doctor10's picture

Iceland is pulling out of all the "Cowboy and Indian Games" and "Red-Blue Olympics".   They've HAVEN'T a standing military and terminated a defense agreement with the USA in 2006.


They may be the most sane country on the face of the earth

fleur de lis's picture

Iceland might be the ONLY sane country left.

no more banksters's picture

Icelanders are brave. They put banksters in jail. Long live Iceland!

jaxville's picture

What is happening in Iceland is only possible because they are a culturally cohesive nation.  There is much to be said for being white.

MATA HAIRY's picture

so so true...diversity is strength--for the rich and the corporations...but homogeneity is strenght for white workers

fleur de lis's picture

Cultural cohesion is what kept nations everywhere growing in size and strength for thousands of years. Not limited to European nations, either. The NWO recognized this long ago, and forcibly injected multiculturalism to weaken national identity and cohesion, all the easier to control them. That's why the social systems everywhere are unrecognizable after each generation. The sooner Iceland exits the EU psychopathic matrix the better for them. 

gallistic's picture

What is happening in Iceland is only possible because they are a culturally cohesive nation.  There is much to be said for being white.

Or being black, yellow, red, purple or green; so long as you are "culturally cohesive" right?

Or is this the exclusive domain of "whites"?

Silver_K-9's picture

The Jim Rickards Euro dream is collapsing...

MarketAnarchist's picture

I agree.  Though to his credit, his other predictions in the "the death of money" are playing out as described.  

I remember agreeing with the majority of his reasoning, but very suprised he didn't realize that the EU was doomed.

Tsunami Wave's picture

I think he talks about the Eurozone, and goes on and on and on about it for... let's just say... important reasons.  There's a purpose he put that whole bit in 'The Death of Money'. 


Looking at what Rickards has talked about in the past and what he says in his books, and how he mentions austerity is important and can talk clearly about many other issues, it's "odd" he included this in there.  And of course he's someone that straddles both sides of the fence of elitism & everyone else.. while devoting a whole chapter to this.

Sleepless Knight's picture

Iceland has balls. They may be cold and riding high, but they have a pair. More power to you Iceland. Nice to see some sanity in the world.

29.5 hours's picture



Since the Crisis began, Iceland has become more subversive of the NWO than Cuba...

Nage42's picture

Iceland bucking the NWO directive says you?


Cue testing grounds for low frequency directed energy into highly volcanic region...


Can you say "Ruh roh!"?

Billy Shears's picture

Iceland will be designated a terrorist state along with N. Korea and Iran.

disabledvet's picture

That's a SOSUS base

"The Bear is on the move.". This is Goobermint business now.

man of Wool's picture

Already have been by the Brits in 2008. UK government froze Icelandic asets under the 2000 Terorism Act.

Eternal Complainer's picture

Fool me once shame on you..
Fool me twice and fuck you!