Thanks, EU, but Iceland isn’t so keen on joining any more

[n2doc]

By Simone Foxman

Iceland is rethinking its desire to become a member of the European Union, putting talks with the European bloc on hold for the time being. Although it had completed about a third of the accession negotiations, polls indicate the Icelandic people don’t want their country to become part of the EU.

In a press conference with Stefan Fule, the Czech official responsible for EU membership, Icelandic Minister for foreign affairs Gunnar Bragi Sveinsson said the decision is all about the people: “This is how democracy works,” he said.

The irony probably isn’t lost on southern Europe, where citizens have pushed back at politicians who pressed ahead with economic austerity handed down by the troika—European leaders, the European Central Bank, and the IMF—to the detriment of their own economies. The IMF admitted last week that some of its decisions were made to help the euro at the expense of Greece, which is in its sixth year of recession.

Iceland is also a painful symbol that Europe’s economic mess may have been handled all wrong. Burdened with an insolvent banking sector and forced to take an IMF bailout, Iceland’s economic situation was, at one time, worse than Greece’s. Its economy contracted sharply in 2009 and 2010, but has since notched decent growth.

“Three or four years ago, our policy measures were probably opposed by most established governmental or financial authorities in Europe. But the end result is that Iceland is now on the road to a much stronger recovery than any other European country that has faced a financial crisis in recent years,” Olafur Grimsson, Iceland’s president, said earlier this year. In particular, Ireland let its banks fail, imposed capital controls, and eschewed austerity measures.

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http://qz.com/94535/iceland-eu-european-union-membership/

[clarice]

1. A smart choice IMO. nt

[hobbit709]

2. And locked up the bankers responsible.

[Egalitarian Thug]

3. "This is how democracy works,"

Imagine that...

The opposite of what America does, again.

[Whisp]

4. Iceland. I love Iceland.

It's the best country on earth.

[BrotherIvan]

10. Why exactly?

Do you approve of how they handled the banking crisis? It is the polar opposite of how it was handled in the US. If you approve of Iceland, you must not approve of how it was handled here.

[Whisp]

11. pretty well, yes. David and Goliath stories touch me. nt

[BrotherIvan]

13. Are you criticizing the way the Obama administration handled the crisis?

[Whisp]

14. No.

The U.S. has been a thieving, murdering country since it's birth - like most are but scales vary dramatically.

I admire that teeny weeny Iceland stood strong against the behemoths that have fed human blood to thieving, murdering power jocks all these years, fed blood of the lessers to them so the Kochs and their predesessors and future criminals can dine so well.

I can criticize mega capitalism and how corrupt our world is and that is not critizing Obama. He is the Bart Simpson guy in all this: Hey, it was like that when I got here. And I believe he is doing what he can to right some of these wrongs. But of course a few centuries of human greed and business as usual is not going to stand for much change, is it? And Rome cannot be unbuilt in a couple Presidential terms.

He needs everyone's help, he doesn't need all these feet sticking out to trip him. I can see the PTB and the pugs and baggers and the Fuck Ron Pauls wanting to do that, but when I see gullible people that are basically on the same side, jump whenever the scandal whistle is blown by the opposition to change, and claw at him with their talons stuck out - that is the part that I don't get. Help, or get out of way.

[BrotherIvan]

15. So you are saying Obama is ineffectual, incompetent and powerless?

Iceland stood up to the EU because that was the will of its citizens. They decided to take the gamble and weather the consequences.

The President of the most powerful country in the world, with an army of investigators and regulators, could not find a single banker at fault? Iceland put theirs in jail because they broke the law.

Instead, we chose austerity. Iceland is recovering much faster than we are. One could argue they are a much smaller country, but at the same time with our massive wealth and resources, why are we so far behind? But more than that, their leaders showed they believed in the rule of law and democracy for all.

Leaders will always have enemies and those trying to take power from them. We vote for and hand power over to the people who can navigate these obstacles and get something done. We vote for them because they promise to represent our interests, not just the rich. And for their hard work, they get to live in a big house, get chauffeured around, get fanfare and applause and are internationally famous. If they cannot get things done, they are not doing a good job.

I agree with you, I think Iceland did a good job.

[Whisp]

17. No again, and you answered yourself in the first line.

Where is the will of the U.S. citizens to do what the Icelandics did and pitch in to help change instead of tear down the only possible hope of change you've had for a long time.

I'll bet you too that Iceland doesn't have a corporate owned media that feeds the gullible so full of shit they don't have any natural instincts left.

[BrotherIvan]

18. So when our country elected him -- TWICE

We weren't doing anything?

[Whisp]

19. yes, it was a chance for a good new start

and despite what lots of moaners say, amazingly wonderful things have happened because of him.

but think how much more could be done, if not for.... well you know that rest.

[BrotherIvan]

22. Nice Dodge

Discussion is futile.

[AtheistCrusader]

12. Correct.

I don't see a problem with that assessment.

[Hydra]

5. This has to be a really annoying itch for Goldman Sachs and the other EU profiteers

Iceland shows that what they are pushing doesn't work, and that...DING! Rule of law and democracy works!

It's solid evidence that everything the IMF and other "experts" are forcing gov'ts to do is making the problem worse for their benefit. I hope Greece does something radical and puts a stop to this sort of fraud.

[n2doc]

7. Greece is under the EU yoke

The EU has even installed their own 'managers' to run things. The only way out for the Greek People is revolution. I can only hope they can win without bloodshed if they go that route.

[Hydra]

8. Ya, I know, and I saw how many of these emergency leaders are Goldman goons

You can only get so far with peaceful revolution though- it will depend on how invested the looters are in winning.

[CaliforniaPeggy]

6. Very smart on their part.

This really says it all for me:

Iceland is also a painful symbol that Europe’s economic mess may have been handled all wrong.

Good for them for standing up against the troika.

[LittleBlue]

9. Good

EU is less attractive all the time

[pampango]

20. Most, not all, of the anti-EU sentiment in Europe comes from the right.

Most conservative parties in Europe are anti-EU to varying degrees. They tend to be more supportive of national sovereignty rather than the EU's open borders and free trade.

[Monkie]

23. lets not forget that a strong euro will hasten the collapse of the dollar

the dollar is a reserve currency, other countries purchase dollars to conduct international trade, these purchases allow the US to print more money ´for free´, since the euro this has changed, many countries allow the purchase of goods and services in euro´s, depriving the US of much needed cash, it is ´funny´ that not long before the US decided to invade iraq it had moved to sell its oil in euro´s, people have often said that the invasion of iraq was about oil, but the price the US would have to pay if it ceased to be the reserve currency of the world dwarfs the oil argument.
they say economics is war by other means, and it is my personal opinion that what the US fears most is a strong and healthy EU.

[Cleita]

16. They are doing just fine now. I don't blame them.

Too bad the EU doesn't kick out all the austerity crowd and reset.

[suffragette]

21. Great points,all. Last sentence needs correcting

Should be Iceland instead of Ireland since Ireland accepted austerity measures and had enormous problems from that.