bravo Iceland... we wish our politicians in the US had the guts to stand up to the banksters but alas they have all been bought off. Down through history this is how the banks have destroyed economies and countries. Bring in the IMF , destroy the economy and world corporates get to pick up the pieces for pennies on the dollar , the people become the slaves. Please read Ellen H brown's new book "the Web of Debt".. she nails these guys but also presents the solutions

With the exception of the few financial sociopaths, the folks of Iceland were not aware that they were being used as markers in the high-stakes casino games. Iceland folks are making up their minds whether they want to continue playing in the bankers' game of "loan to own." That's how international bankers intend to own countries in "fee simple." Loan the public so much money (which they created out of thin air) that there's no way it can be paid back. As the landowners fail to pay their taxes due to lack of trade, their title goes to the creditor. Same thing's happening here in the U.S.A., only on a greater scale. Dutch and English bankers have done this since the 1600s. It's not that they keep tryin', it's that the rest of the folks let them win. Looks like the good people of Iceland have had enough.

The bank branches in question were in the UK and the Netherlands, and should have been regulated by the authorities of those countries.

If the US division of a Canadian bank fails, it should not fall to Ottawa to be responsible for reimbursement, it falls to the FDIC in the USA.

If the UK or Dutch division of an Icelandic bank fails, it should fall to the UK and Dutch regulators who provided it with a domestic bank charter to cover its failure under their deposit insurance system. Under no circumstances should it be the responsibility of the Icelandic government or the citizens of Iceland to cover the costs of the collapse of a banking operation driven to collapse by the greed of Dutch and British speculators.

Icelanders should vote against payment. Too much taxpayer money around the world is going to the bankers who caused the crisis. They are like modern day pirates and should have the same fate.

Where did you get the idea that the Dutch live in Denmark? (Typical American worldview, IMHO).

Ben Bernanke will have to speak with Obama about bailing Iceland out of creating another international currency crisis. If Iceland can find another 3.8 billion "more fish in the sea" according to the famous saying, it won't have anything to worry about. Perhaps Canada could use another Maritime Province? Newfoundland held a refendum to join us, so why not a similar plebesite for Iceland?

Here in the United States we have few representatives willing to stand for the people and Constitution against the banksters and their allies, who have now effectively destroyed this country and the lives of tens of millions. Many law enforcement officers are discussing their obligations and duties in the event of an armed insurrection against the government of the United States - the conclusion reached by many would perhaps surprise the abomination in the White House. Congratulations to the people of Iceland for electing a man of integrity, and for taking to the streets to save their nation. The American majority is presently concerned with "Dancing with the Stars", et al.

Dutch Finance Minister Wouter Bos would not be drawn into speculation on steps against Iceland. "But this can't go on forever. We want our money back. We negotiated reasonably." - Is this a threat? What is Denmark proposing to do? Iceland should ask UK and Denmark to blow off! They didn't have the audacity to stand up to their bankers.

The article is wrong on several points. Iceland is not refusing payment. A negotiated treaty between Iceland, the UK and the Netherlands was ratified by President Grimsson on September 2 with a few clauses added by the Icelandic parliament. These were added in order to insure that repaiment would not bancrupt the country. The UK and the Netherlands rejected those amendments. The second treaty (the same but without the amendments) was narrowly pushed through Parliament on December 30. This second treaty became law today through the presidential veto (a nicety of Icelands constitutional law) and will remain in vigour if the bill passes a referendum, if not it will be abolished. In that case the bill from last August remains valid (where Iceland accepted payment on certain conditions).
For Iceland this is a choice between pest and cholera, but the country has always stood to its obligations (even if, in this case, it is doubtful that it is an obligation for normal taxpayers to pay for the errors of a private company).

The Icelandic banks with branches in the UK and Netherlands were
under the jurisdiction of the banking authorities in those countries.

If those countries chose not to adequately regulate the banks in
their jurisdiction, why should the citizens of Iceland pay for the
negligence of the UK and Netherlands?

I would be hopping mad if I was being asked, nay, expected to cover the losses of a private company. Oh wait, we are here in europe also! Doh!

Watch out Mr. Grimsson the jackals will now be on your tail. I pray you don't fall victim to an unfortunate accident -- in an airplane or an automobile. Kudos for representing your people interest before the banksters. I hope it doesn't cost you your life. The IMF doesn't take kindly to this sort of stuff.

I stand shoulder to shoulder with the Icelandic people. The people who should pick up the bill for this debacle should be the financial mafiosa not the common man.

Nonsense Mr. Carlton.
Here is the real deal explained: http://market-ticker.denninger.net/archives/1819-Hint-To-Other-Nations-H...

At the very least, Iceland should repay the IMF loan should the decision stand not to reimburse foreign governments. This mess should provide a clear need to define and clarify if foreign depositors qualify for domestic deposit insurance coverage, if any is available, when depositing in the banks of other countries. As the government of Iceland could not possibly cover the massive sums being deposited in their country's banks, a warning should have been issued that any lost deposits were not insured and the people of Iceland were not to be held liable for any losses. The government of Iceland should therefore, if nothing else, face litigation for gross negligence in not advising towards and providing for the rapidly growing risk that was taking place. Politics will have to determine the fate of settling the lost deposit money.

If debts are to be repaid - and they should - then first let us see the likes of Lehman Brothers, et al, repay the thousands of people they fleeced without batting an eye lash.