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March 2 (Bloomberg) -- A referendum in Iceland isn’t the kind of event that would usually attract much world attention. This time will be different.
The country will vote this week on how to pay back the money it owes the U.K. and Dutch governments for bailing out the Icelandic banks that crashed during the credit crunch.
On March 6, Icelandic taxpayers should send a message to the rest of the world: Can’t pay, won’t pay, so go take a hike.
There is no reason why they should pay the money back. Ordinary people didn’t run up the debts; the Dutch and British governments were guilty of regulatory incompetence; the overseas savers were stupid and greedy; and meeting the debt might well bankrupt the country for a generation.
If they refuse, they will make a point that taxpayers in many other countries will sympathize with: We won’t always pick up the bill for losses made by bankers.
http://www.bloomberg.com/apps/news?p...d=amtqRO5zQX2g
The country will vote this week on how to pay back the money it owes the U.K. and Dutch governments for bailing out the Icelandic banks that crashed during the credit crunch.
On March 6, Icelandic taxpayers should send a message to the rest of the world: Can’t pay, won’t pay, so go take a hike.
There is no reason why they should pay the money back. Ordinary people didn’t run up the debts; the Dutch and British governments were guilty of regulatory incompetence; the overseas savers were stupid and greedy; and meeting the debt might well bankrupt the country for a generation.
If they refuse, they will make a point that taxpayers in many other countries will sympathize with: We won’t always pick up the bill for losses made by bankers.
http://www.bloomberg.com/apps/news?p...d=amtqRO5zQX2g
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