Iceland rebels against paying its debt, and the EFTA tribunal agrees

Iceland won an important battle this week at the European Union level to avoid paying to foreign investors for the Icelandic bankruptcy of 2008.

The Tribunal of the European Free Trade Association, resolved that no European law had been broken, and the European Commission has agreed.

Through two referendums the Icelandic people decided not to pay this debt, since it was the responsibility of the banking sector and not the country that led to the economic crisis and bankruptcy in the country. So this is a victory for them created by them, and an example to us all.

 

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Posted in Banks

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