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Last March, after voters first rejected repayment, Fitch Ratings cut Iceland's credit to junk, while Moody's and Standard & Poor's gave it their lowest investment grade.
In fact, all the major credit rating agencies are in bed with predatory bankers and their governments, waging financial warfare when targeted nations like Iceland balk about extortion terms.
An undated Bloomberg report said:
"A final count showed 59.7% of voters said no to the so-called Icesave agreement, while 40.1% said yes, according to broadcaster RUV, which based its count on figures published by regional electorate commissions today."
Voter turnout was 75%. On Sunday, Netherlands Finance Minister Jan Kees de Jager said:
The "time for negotiation is over. Now the court will decide on this." Iceland must meet its financial obligations. Ultimately, the Netherlands will get its money back, even through extortion if Icelanders don't accept debt bondage, poverty, bankruptcy, and perpetual misery as long as they remain in Iceland.
However, Hudson says "Iceland has a strong legal case. Social Democrat warnings about the EU seem (way) overblown" about fraud committed by others. So it's "a strange time (to consider) tak(ing) bad debt bank debts onto its own balance sheet" instead of letting the crooks repay the losses.
Repaying, of course, will shrink Iceland's economy (and other countries going along) making it harder ahead to service debt, a vicious downward cycle to economic ruin.
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