Exceptional circumstances call for exceptional thinking, approaches, measures and solutions. No matter what the future departs, Iceland is still an independent nation with a voice. The Presidential decision to submit the entry into force of the new law to national referendum has called world-attention. Icelanders need to stand together and get the world to understand their point of view. Icelandic referendum will affect the future of the European integration and the internal market. Social rights and social justice must be part of the Europe.
As Jacques Delors has pointed out (El País, Dec. 2009), this crisis has shown how Europe is missing a historic opportunity to show leadership in the world and lead the citizens into a better future. It is no wonder that President of the European Commission J. M. Barroso had a hard time in the European Parliament (EP) being re-elected for a second term. Critical and angry new elected Members of the EP accused him of creating a Europe for companies and not for citizens. In order to be reappointed, he promised 500 million Europeans a new “social Europe”.
Related posts:
snowball
2 years ago
just a reality check…isnt it the most simple thing that when you borrowed you have a right to get it back with a lil premium for the risk, and if the debtor runs into trouble and you loose your capital you get the assets? if this principle is questioned by EU parliamentaries (nicely named “social justice”), the EURO will reach parity with the icelandic kronur soon. this is not really an option for the core countries within the EU. maybe its better to save the open letters and take a look on greece and see how the eu is dealing with an indebted member nation. greece is in the docks and even as an eu member wont get bailed out by the ecb. in other words, every debtor nation has to find its way out on its own or default and go into a bancruptcy process in which assets are distributed according to the claims of the creditors. this principle was not followed in iceland, laws were changed in the aftermath and a fair settlement was never on the agenda, although steingrimur and johanna are preaching the opposite. the word among creditors was and most likely still is that iceland was handling its obligations worse than argentina in 2001.
try to be objective and see the big picture…iceland is a tiny country and no one really cares whats happening up here in the northern atlantic. therefore, its very ambitious to think that the world has an interest in icelands rather unique perspective. majority of iceland’s allies are socialist and green politicians looking for a fresh topic to sharpen their profile in Brussels and debtor nations which are next in line.
question: how long will it take in a “europe of citizens” until the EUR has reached parity (1:1) with the ISK…1,2 or 5 years?
Dadi
2 years ago
Snowball… I have begun to increasingly question whether anybody else but ordinary individuals pays their loans?
States seem to think they don’t have to…
Billionaires say it is irresponsible treatment of money…
Businesses bury their debt in subsidiaries and drop them into the ocean…
But if average Joe or Jói wants a rebate on his loan then he is accused of wanting to collapse the economy…
snowball
2 years ago
lets throw iceland and greece in one pot and stirr it. because to some extent they are equal as in both countries the government did horrible jobs (and basically sold their people for shortm term interests). the business model of greece was reporting wrong deficite numbers to brussels while icelands business model was betting on an eternal bull market with endless excess to cheap capital. both countries (plus the baltics) will become financial bermuda triangles for european banks. however, if you want to solve this mess with debt forgiveness you can start shorting the EUR soon.
i am really interested in one thing. were the books of benjamin graham “security analysis” and “intelligent investor” familiar literature during your education iceland? i assume that every economics student and professor must have read these books. and if so, then the hokus pokus of the utrasarvikingur must have been crystal clear. really curious about that!
JP
2 years ago
http://www.youtube.com/view_play_list?p=AF7C1B7150652245
Bromley86
2 years ago
Nothing to do with this, but Dadi gets a mention on the Grapevine:
http://www.grapevine.is/Home/ReadArticle/The-Humbling-of-Iceland