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Iceland Does It Again! Icesave Repayment Scheme Rejected

Iceland voted yesterday in a second referendum on the proposed Icesave deal, rejecting it by a 57% to 43% margin.  UK and Netherlands depositors were bailed out by their own governments in 2008 when the Icelandic bank failed, and now the British and Dutch want Iceland to reimburse them for approximately $5B. 

An earlier deal had been overwhelmingly rejected by 93% of voters last year.  The current proposal would extend Iceland's repayment out to 2046 and reduce the interest rate to 3.3%.  Plus, a portion of the total $5B would be covered by the sale of Landsbanki (aka Icesave) assets, with taxpayers paying the rest.  As far as things go, it wasn't a particularly bad deal.  But it's still a bailout and the people of Iceland are having none of it.

Bloomberg reports the comments of a Reykjavik shopkeeper who says a "No" vote,

"will be a wakeup call for the citizens in other countries.  They’ll realize that there’s no fairness in pushing bank losses onto taxpayers when things go sour, but pocketing the gains when everything is going well. A big fat ‘no’ from Iceland will drive that point home.”

The party line from the EU and the IMF, though, is that if voters reject the deal, then the Icelandic government will not be able to access the international bond market.  Moreover, the ratings agencies have already downgraded Iceland government bonds to junk.  Funny thing is, CDS on Icelandic debt are running at about half of what it costs to insure Irish or Portuguese bonds -- and they've gone full speed ahead with their bank bailouts.  As for that, I'd put my money on the debt markets and Icelandic voters before I'd trust Moody's or the IMF.  We've said it before, but the lesson is clear:  if you swamp your country with bank bailout debt, you will likely run into a sovereign default.  If, on the other hand, you let bank creditors twist in the wind (as they should) you will actually be in much better fiscal shape than you would be otherwise, the IMF be damned.


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Reader Comments (22)

Sure this kind of thing can happen....when you have a government that is even concerned with what the people want. Way to go Iceland!!!!
Apr 10, 2011 at 9:28 AM | Unregistered Commenterspecialk
Yeah it's sort of tough when your politicos are bought and paid for by the bangsters. A fine example is the '08 bailouts, 97% opposition from the public yet they went ahead. Democracy? pffft.
Apr 10, 2011 at 10:14 AM | Unregistered CommenterCanuck
Wonderful if we could help two birds with one stone. Privatize the US Government and pay Iceland to run it!
Bet the cost savings/fees would wipe out their deficit in a flash.....and create a representative government with ours!!
Apr 10, 2011 at 10:59 AM | Unregistered Commenterspecialk
I say put the President of Iceland in charge of the ECB!
Apr 10, 2011 at 12:37 PM | Unregistered CommenterJohn Mack
Yell yeah! Everybody who reads this damn thing (and understands what it means) would stop paying their JPMorgue mortgage right now.


JP Morgan cannot foreclose in RI without a written assignment from FDIC. Was appealed to Supreme Court a month ago. Appeal dismissed. Filed Motion to Reconsider, Motion for Relief Denied based on Law of the Case. Take your medicine banksters....

Where ya gonna appeal now? Go for it. You'll just lose AGAIN.

Fight Club Lawyers grow a pair. If you have what it takes to be a Fight Club Lawyer join us.


We're getting the $hit screwed out of us!

How in the HELL did I not find wallstreetpro2 until now?? Shit, I'm gonna do a nasty ass doc dump pretty soon. I want to get in touch with him BAD. How can I do that? Anybody know?
Apr 10, 2011 at 1:47 PM | Unregistered Commenterchunga
Time to sign up for the revolution here in the U.S.A. I'm sure you all know what "O" meant when he said he'd need $1 Billion for his reelection, what all those donations will buy, is the rest of the U.S.A. that you don't already own.
Apr 10, 2011 at 2:37 PM | Unregistered Commenterolderone
The American People need to demand electoral reform. As long as these political whores in Congress and the Presidential Administrations can sell their favors to the lobbying special interest pimps, they will keep us buried in debt, and continue transferring the wealth of America to the Elite Parasites.
Apr 10, 2011 at 3:04 PM | Unregistered CommenterSagebrush
Taiibi's a little too over the top left for me especially considering he says nothing about the cost of the wars including the mess obama involved us in now in Libya or the foreign aid but this new article has some good stuff on the bangsta's.

Tax Cuts for the Rich on the Backs of the Middle Class; or, Paul Ryan Has Balls


p.s. Shout out Chunga from Lori good stuff on foreclosure fraud!
Apr 10, 2011 at 5:59 PM | Unregistered CommenterLiberatedCitizen
Is that the from lori I know from FR? lol

wallstreetpro2: where are you? I got some shit you're gonna luv.
Apr 10, 2011 at 6:09 PM | Unregistered Commenterchunga
Stiglitz Urges New Global Reserve Currency to Stem Imbalances



“By taking off the burden of any single country, we don’t have to have trade deficits,” Stiglitz said in an interview in Bretton Woods, New Hampshire. “Things would be much worse if it were not the case that Europe was having even more of a problem, but winning a negative beauty pageant is not the way to create a strong economy.”

President Barack Obama and congressional leaders negotiated a last-minute deal two nights ago to avert a government shutdown. Within weeks, the government may be forced to increase the $14.3 trillion federal debt ceiling to ensure the U.S. will meet its financial obligations.
Apr 10, 2011 at 6:25 PM | Unregistered Commenterjohn
Right on, Iceland!! Hang in there, the Silver Liberation Army is coming to the rescue. After we mop up the floor with JP Morgan, it's on to Bank of America, Goldman Sachs, and all the other looters who are getting their asses kept out of prison by Obeyme's butt boy, Eric Holder. IMPEACH ERIC HOLDER NOW!
Apr 10, 2011 at 11:54 PM | Unregistered CommenterGreg Diablo
p.s. I forgot the Icelanders had some real guts unlike Americans and Irish who were forced to bail out the banks they brought out the torches threw out their government lol hats off to Iceland!


Yes Chunga !
Apr 11, 2011 at 12:10 AM | Unregistered CommenterLiberatedCitizen
It shows what gutless wonders the Irish actually are.
They could have done the same thing as Iceland but chose to become the banksters play things and international joke.
What bugs me is that we English have had to cough up some 7Billion to help them out. 7 Billion we haven't got, straight into the banksters pockets. 7 Billion that could go to stop the cuts that are leaving our old and disabled without back up.
And we ain't even in the Euro zone and are totally not liable.
Yet the Labour government under Gordon Brown signed us in AFTER! they had LOST the last election.
Politicians the world over are utterly corrupt and in corporate pockets.
We need to look at Paris 1789 and act accordingly. Down to the last detail!!
Apr 11, 2011 at 6:12 AM | Unregistered CommenterElizabeth
Hi Lori, there isn't much of anything at http://foreclosurefraud.org yet. Everything is stuck in the legal dept. Hold on to your hat...rough waters ahead. Didn't I tell you the ACLU would be taking down "Rocket Docket"?
Apr 11, 2011 at 10:15 AM | Unregistered Commenterchunga
chunga....your best bet for finding wallstreetpro is to leave a message for him on his youtube page...and there might even be an email contact there, i don't remember...the email address i have for him no longer works...i put together 4 or 5 collections of his clips...you can find them with our search function...
Apr 11, 2011 at 1:20 PM | Registered CommenterDailyBail
Thanks Daily Bail. I'll do that. I've got some nasty fraud (crimes) coming from the TOP of this lousy govt. Court filings...not internet gossip.
Apr 11, 2011 at 2:24 PM | Unregistered Commenterchunga
Just got word that "Fight Club Lawyer" can't go Hulk Hogan quite yet. Boston Globe is begging him to let the article go to print (Sunday Boston Globe - Front Page)

This case right here is gonna make history.

http://www.scribd.com/doc/52608030/Diana-v-Wamu (only 7 pages of ass whooping)

JPMorgue lawyer knew he was toast on page 2! There are tens of thousands of properties at stake so you know the morgue didn't send in a bench-warmer.

This one here is 42 pages of pure solid genius.


It's time to be switching the damn pitchforks to full-auto...
Apr 11, 2011 at 3:52 PM | Unregistered Commenterchunga
chunga...why don't you write something up on this story...then send it to me by email and i will publish...
Apr 11, 2011 at 4:45 PM | Registered CommenterDailyBail
I can do that. First I must qualify again...I do not get paid by the click or work for the lawyer. My goal is to get more lawyers to not only know the law but also develop the attitude. Mike Tyson had 99 percent of his fights won before even stepping into the ring. AND he also had one hell of a punch. Here's a primer...sorry do a right click 'cuz I can't do the <target = blank thing>.


The Diana v. Wamu case is pretty self explanatory and an easy read. The judge was already aware of the issues at bar from the previous pleadings in the case. The Superior court judge did not find the defendants arguments/citations persuasive at all, and summarily dismissed their motion. The judge also seemed to dare the JPMorgue lawyer to go Federal which they did by filing an appeal in US Supreme Court (RI Division) where they lost again. The JPMorgue goon squad filed a "Motion to Reconsider". Sorry...motion denied. Now they are in a pickle. Do they have the balls to bring it before the Nine?

I doubt it. The title insurers are all flipped out. They have two options: fix or pay. They can't fix.

As far as the Moll case goes, the Babcock Pirate ship "over-lawyers" the shit out of it. No room to escape. He rips apart every single solitary point made by the defense Understanding the case law, citations, statutes are difficult to understand without being a lawyer. However, he adds enough color in there to make for amusing reading.

Here's a few examples from the Plaintiff's (successful) Objection To Motion to Dismiss:

"Further, the relief sought by the Plaintiff has been characterized as "sweeping" and based upon an unconnected series of arguments about MERS that appear to be based upon complaints available on the internet and not on the facts of their loan.

The Defendants' gratuitous comments are well noted but erroneous in all regards.

The relief sought by the Plaintiff was set forth clearly in his complaint. The arguments relative to MERS are all well supported and documented by case law, law review articles and other scholarly articles that seem to be published on a daily basis. The fact that the internet is used as a platform from which to download these documents is freely admitted.

For MERS, a company that operates an electronic secret mortgage society, it seems ironic that it would be concerned about the use of the internet to obtain information about its actual nature and purpose."

"The Defendants offer no valid case law to support their position because there is none"

"Judge Silverstein went on to write that "Clearly, the [Rhode Island] General Assembly envisioned a role for mortgage servicers in the lending industry." R.I. Super LEXIS 110 at *18-19.

Respectfully, this Plaintiff suggests that Judge Silverstein seriously overstated what role the legislature had actually legislated for "servicers" and supplanted it with his own opinion, seriously overstepping his role as a Judge and trying to become a Super Legislator so as not to start a MERS title epidemic of massive proportions.

In fact, the transcript of the Bucci hearing reveals that Judge Silverstein was very concerned about what would happen to the real estate market and title industry if he ruled against MERS. This counsel was counsel in the Bucci case and was specifically ask by Judge Silverstein what I thought about causing a title and foreclosure catastrophe.

My response was "too bad"; my comment was driven by the law and his was driven by economics."

FYI...the "Bucci" case is radioactive and has been sitting on appeal for 1.5 years. They're so scrambled they are actually trying to fling his cases to NH! NH courts said "NO THANKS".

It's crazy. The MERS monster goes against the US Constitution and even farther back to the Magna Carta for crying out loud. It would be ridiculous to pull this shit with motor vehicle registration and vehicles CAN move from state to state. The funny thing about REAL PROPERTY is it's tendency to stay in the same damn place. That "same damn place" is the state/county registry of deeds or local land records office. Not in some secret back room run by banks.

If we as a country stop following the law we're gonna see a lot more wallstreetpro2s.
Apr 11, 2011 at 6:36 PM | Unregistered Commenterchunga
I have often been proud of my heritage. This tops it all. These folks don't like professional mewlers and they pay attention. And they know justice. America needs to quit being so proud of what they see themselves as on TV. And I am an American patriot.
Apr 11, 2011 at 6:45 PM | Unregistered CommenterHoward T. Lewis III
@ DailyBail. email sent through the "contact us" link.
Apr 12, 2011 at 11:35 AM | Unregistered Commenterchunga
thanks chunga...enjoyed the letter...
Apr 12, 2011 at 11:56 AM | Registered CommenterDailyBail

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