THIS IS ANOTHER HIDDEN CRISIS LARGELY IGNORED
IN NORTH AMERICA. THIS ONE
COULD EASILY HAVE VERY VERY SERIOUS IMPLICATIONS
FOR ALL OF US AT THE RATE
OUR FINANCIAL SITUATIONS ARE HEADING.
Iceland may be the first Western democracy to be forced into South-American style debt-slavery. The IMF, in concert with the UK and the Netherlands, has attempted to strongarm the recently impoverished Island of 317,000 into paying over 3.6 billion pounds ($6.3bn) ~ $86,000 per Icelandic family ~ at 5.5% interest for the next generation.
In a nutshell this is what set events off:
The money is not conventional government debt, but arises from the collapse of a private multi-national bank during the financial crisis.
The issue is so serious that the entire nation will vote on the issue towards the end of February 2010.
On December 30, 2009, after extraordinary diplomatic threats, Iceland’s parliament passed narrowly a bill agreeing to pay the onerous terms. Only a few months earlier parliament had agreed to the full amount, but under more reasonable conditions.
The people of Iceland must be internationally supported, so they can feel safe in voting down debt-slavery. If Iceland falls, it won’t be long before other countries suffer similar financial extortion.
There is a reason people hate the IMF for what it does.
Below.The city core of Reykjavik.