Iceland Walks Away From U.K., Dutch Icesave Plan

[sandwind]

A U.K. Treasury official today said the British and Dutch governments are disappointed because Iceland has rejected the “best offer” that could be made available. The two countries had proposed a floating interest rate on the loan instead of the fixed rate originally agreed to.

Leaders of Iceland’s political parties on Feb. 22 rejected a proposal from the U.K. and Netherlands to swap a fixed 5.5 percent rate on the loan for 2.75 percent above Libor for the U.K. loan and above Euribor for the Dutch loan. The U.K. said it the latest agreement would waive 450 million euros ($609 million) in interest accrued since the dispute began.

The existing accord is due to go to a March 6 referendum, which most polls show Icelanders will reject.


http://www.businessweek.com/news/201...-update1-.html

[gordonbrown]

Re: Iceland Walks Away From U.K., Dutch Icesave Plan

Good for them.

[Aetius Romulous]

Re: Iceland Walks Away From U.K., Dutch Icesave Plan

Can anyone recall a case of a western nation - any nation - telling the international rescue folks to go to hell? If the vote is 100-0 (which it should be) that may have a chilling effect world wide, and a real test of the obscene financial rape solution in democratic countries.

[MulaMan]

Re: Iceland Walks Away From U.K., Dutch Icesave Plan

A entire country walks away from thier mortgage. Smart folks.

Otherwise, I'd send a case of herring to the UK government, put a 1 billion euro price label on it, and then call it even.

[cmalbatros]

Re: Iceland Walks Away From U.K., Dutch Icesave Plan

A entire country walks away from thier mortgage. Smart folks.

Otherwise, I'd send a case of herring to the UK government, put a 1 billion euro price label on it, and then call it even.

And things will get really interesting when" Wikileaks" starts up soon using Iceland as their base.... true freedom of speech?

[don]

Re: Iceland Walks Away From U.K., Dutch Icesave Plan

A U.K. Treasury official today said the British and Dutch governments are disappointed because Iceland has rejected the “best offer” that could be made available. The two countries had proposed a floating interest rate on the loan instead of the fixed rate originally agreed to.

Leaders of Iceland’s political parties on Feb. 22 rejected a proposal from the U.K. and Netherlands to swap a fixed 5.5 percent rate on the loan for 2.75 percent above Libor for the U.K. loan and above Euribor for the Dutch loan. The U.K. said it the latest agreement would waive 450 million euros ($609 million) in interest accrued since the dispute began.

The existing accord is due to go to a March 6 referendum, which most polls show Icelanders will reject.


http://www.businessweek.com/news/201...-update1-.html

I'm very disappointed that my offer, an offer they couldn't refuse, has been ...refused

[HisHighnessDog]

Re: Iceland Walks Away From U.K., Dutch Icesave Plan

MulaMan, Iceland should appoint you Secretary of State and Secretary of the Treasury.

... I'd send a case of herring to the UK government, put a 1 billion euro price label on it, and then call it even...