with Andrew Gavin Marshall
March 08, 2010
March 08, 2010
Iceland banks need a bailout but the citizens of the country say there is no chance. The people of Iceland voted against a deal that would have helped fix the economic problems, refusing to pay off any banks debt.
No bailouts in Iceland
People in Iceland have rejected their government’s pledge to repay a debt of more than US$5 billion left by the collapse of Icesave Internet bank. 93 per cent of people voted “no” in a referendum.
Andrew Gavin Marshall from the Center for Research on Globalization says the public should not have to shoulder the burden of mistakes made by banks.
“The bailout would be for roughly US$5.4 billion, which would go to the Dutch and the British depositors in Icesave, which was the largest online bank that went under,” Marshall says. “And this is basically asking the Icelandic people to pay for the bad debts of their bankers and the bad regulations of their government. And it’s sort of endemic of this corporatist economic undertaking that is going on around the world, where the private debt has become a public obligation. So you privatize profit and you socialize the risk.”
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The arrogance and impudence of the oligarchs who want to stick the people of iceland with the pain is stunning, only we’ve seen it over and over and over again. I hope the people of Iceland continue to have a “NO” kniption fit. If only we had done so here in America when they forced the various bailouts down our throats.