Eva Joly

Iceland, fight this injustice


Saturday's referendum is a chance for Icelanders to strike at the conspiracy that leaves us all bailing out financiers

On Saturday the Icelandic people vote in a referendum on whether the Icelandic state and thus the citizens should guarantee the so-called Icesave claim. Icesave was a bank deposit account that promised market-leading interest rates. When the bank failed, the question arose if the Icelandic depositors' guarantee fund - a private institution financed by the banks - should have taxpayer backing. Instead of letting depositors lose their money or even wait for compensation from the bankruptcy estate, the governments of the UK and Netherlands (where the Icesave products where marketed) decided to reimburse depositors from their own countries. The reimbursement included the full principal, while the recklessly high-interest profits of the risk-seeking depositors were thrown in as a bonus.

Gordon Brown is wrong, Britain played a part in Icelandic bank collapse

Iceland, a small nation with just 320,000 inhabitants, is reeling under the weight of billions of euros of debt, which has absolutely nothing to do with the vast majority of its population and which it cannot afford to pay.

L'Islande ou les faux semblants de la régulation de l'après-crise

De G8 en G20, beaucoup de chefs d'Etats et de gouvernements aiment à répéter que rien ne sera plus comme avant. Le monde change, la crise l'a même bouleversé ; nos façons de penser et d'agir en termes de régulation financière, de relations internationales ou d'aide au développement doivent donc, nous disent-ils, évoluer de même. Mais de nombreux exemples contredisent hélas toutes ces belles paroles.

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