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Setback in Reykjavik Iceland Blocks 3.8 Billion Euro Repayment to Dutch, British By NRC Handelsblad Staff

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Iceland freezes repayments to European depositors. Following a petition drive signed by 1/4 of the population, Iceland's President refuses to pay $5 Billion to offshore depositors in Iceland's failed bank, even if it means jeopardizing future membership in the EU. Is this Democracy in Action a lesson for America and its bailed out bankers?

Read the rest of the story HERE:

At www.spiegel.de

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Scott Baker is a Managing Editor & The Economics Editor at Opednews, and a former blogger for Huffington Post, Daily Kos, and Global Economic Intersection.

His anthology of updated Opednews articles "America is Not Broke" was published by Tayen Lane Publishing (March, 2015) and may be found here:
http://www.americaisnotbroke.net/

Scott is a former and current President of Common Ground-NY (http://commongroundnyc.org/), a Geoist/Georgist activist group. He has written dozens of (more...)

Related Topic(s): Bank Failures; Banking Crisis; Bankster; Democracy; Economy Built On Debt; Economy-Economics- World; European Union; Iceland, Add Tags

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