Gordon Brown considers legal action against Iceland

[hedgehog]

Source: Guardian

Gordon Brown has told the Icelandic prime minister that he is considering legal action against the country over the collapse of its national banks.

The prime minister said tonight that Iceland's decision not to recompense those with savings in the bank was "completely unacceptable" and the British government would do "whatever is necessary to recover the money".

"I've spoken to the Icelandic prime minister, I have told him this is effectively an illegal action that they have taken. We are freezing the assets of Icelandic companies in the UK where we can. We will take further action against the Icelandic authorities where necessary to recover the money.

Read more: http://www.guardian.co.uk/business/2008/oct/09/gordonbrowniceland

[dhpgetsit]

1. Geothermal and fishing

Goes a long way toward self sufficiency.

[McCCain4retirment]

2. What,did Bush ask him to?

[LeftishBrit]

23. No. A bunch of local councils, charities, and people who just happened to have savings there...

are asking him.

I admit that a lot of things are about George Bush. But not everything is. I also admit that Brown is mostly a Tory in all but name. But sometimes he has a point about something. He has more common-sense than Blair, not that that is difficult.

I note that the Icesave website still has the slogan: "Simple, transparent and consistently high rate online savings accounts from Icesave." HUH!

[McCCain4retirment]

24. I'm talking about how him and the rest of the EU are just lapdogs to the Bush adminstration.

They would make a holiday for him if they could.

[LeftishBrit]

26. All the EU?

In what ways? I agree that the UK has done Georgie's bidding on most things; but many other Europaean countries haven't - especially about the war.

[McCamy Taylor]

3. Why is all that British money in banks in Iceland? What was the scam?

[goforit]

4. I would love to be a bug on their walls.

Could the ultimate insult be Russia's instant aid?

[WriteDown]

5. Odd.....

Some posters have commented that all European money was in the US so now I am really confused.

[dipsydoodle]

16. I guess that related

to the Micky Mouse bonds - not bank deposits. Think so anyway.

[ExPatLeftist]

9. A couple of Icelanders that have been revealed to be criminals

were buying up tons of companies, banks and whatever in Europe, but with nothing but air and credit to back their investments. I am certain a lot of the money ended up here in Iceland, and this is what Brown wants back - but it got all burned up in the meltdown.

The thing that I hope people remember is that Iceland did not do this, it was very few individuals. I am all for stringing those fuckers up by their balls in the town square as I have friends that have lost everything due to them, but kicking all of Iceland when it is down (and down it is) is not gonna help. (I am saying that about the situation - not saying that the person I am replying to was kicking our silly little bankrupt nation :)).

[NBachers]

11. String them up by the balls in the wintertime.

[SahaleArm]

12. High Interest Savings > 10%

A couple months ago Icelandic bonds were yielding 12%.

Look at the interbank rates - Iceland Bonds

[Anarcho-Socialist]

13. lots of UK local government districts kept their funds in Icelandic banks

due to interest rates being 0.5% higher than the British interest rates. Up until a year ago Iceland was seen as a solid bet.

[dipsydoodle]

17. More likely associated with Icelandic UK investment

Article from 2years ago :

The Vikings are coming .


Last Updated: Thursday, 23 November 2006, 12:23 GMT
E-mail this to a friend Printable version
The Vikings are coming
Viking costume
Icelanders are proud of their heritage

By Denise Winterman
BBC News Magazine

Icelandic companies are buying a stake in most parts of British life, football being the latest. But how is the country with a population the same of Doncaster staging a Viking invasion?

Woolworths, House of Fraser, Hamleys, Karen Millen, Oasis, French Connection, Whittards and, of course, Iceland. Much of the British high street now has a little bit of fire and ice in it - in the form of Icelandic investment.

For a country with a population of just over 290,000 - roughly the same as Doncaster - Icelandic businesses are starting to become an increasingly important deal maker in the City.

In the last few years they have frequently emerged as the backers for many takeovers in the retail sector, with companies and banks such as Baugur, Kaupthing and The FL Group buying stakes in many high street shops. But the Viking invasion does not stop there.

http://news.bbc.co.uk/1/hi/magazine/6170062.stm

[provis99]

6. and Brown takes up Blair's position as Bush's lap poodle

what a pile of steaming shit the Labour Party has turned into under Blair. Hey Brown, that's how capitalism works: you make a bad investment, you don't get your money back.

[T_i_B]

14. Not just Labour here

Local authorities run by all the parties have put money in Icelandic banks, not to mention the Metropolitan Police. The British government has a bit of an interest in getting this money back.

[PurityOfEssence]

7. A clear violation of Steve Dallas' first rule of the law:

NEVER sue a poor person...

[ExPatLeftist]

8. Come and get it, Gordo. Can't get blood out of a stone.

BTW, remember that time we kicked your asses in the Cod War? What with our one gun and all? ;)

[WheelWalker]

10. It's the Golden Rule: She who has the gold, makes the rules.

[regnaD kciN]

15. Ach, Gordie's a fine Scotsman!

Takin' up the cause o' the Celtic peoples (along with, uh, the Brits) again' those damn Vikings once an' for all! Let's send them a raidin' party or two, for once!

Sincerely,
regnaD kciN
Clan MacNeil

[Hardrada]

18. IUK HAI SSAA SSAA!

The dragon ships will come again. Have at those Celt and Saxon knaves!!

[Coventina]

29. Gee, I'm torn! I'm half Norweigian & half Scottish!

I don't know which side to pick!!

[Hardrada]

30. You'll have to be the referee.

[Waiting For Everyman]

19. This is stupid belligerence right now.

Why so public about it? Like Iceland's not going through a problem at the moment? Geez. Take some Prozac and give it a break for 5 minutes.

Besides, you know what? Maybe this will teach us that municipalities ought to be investing in their own country, specifically in their own area for a change. Ya think? It's greed again. Half a percent more, oh, run and get it. Idiots.

[T_i_B]

21. It ain't "stupid belligerence" to many people over here

People who've lost a lot of money out of this, not to mention local authorities, the Metropolitan Police and Transport for London.

The British government has a pretty obviouys interest in getting it's money back.

[LeftishBrit]

22. True. And some charitable organizations as well.

Perhaps EVERYONE who is ripped off by a bank (anywhere) should sue them. I realize sometimes the bank may be an innocent victim; but more often they are incompetent at best, dishonest at worst, and everyone suffers.

[JVS]

20. Hey Gordie, why don't you invade them or are you afraid?

Falklands 2!

[xchrom]

25. wow -- not sure what good it will do -- but this is interesting. nt

[twiceshy]

27. This from the same imbecile.......

Who sold half of Britains gold reserves at prices around $270 an ounce. What a moron.

[Strawman]

28. I hope Bjork has a Swiss bank account

I think she lives in England.