Ah, shame

Britain warned Iceland that it would be frozen out of the European Union after its President abruptly vetoed the repayment of a £3.6 billion loan.

Gosh, that is harsh, isn\’t it?

They\’ll just have to stay independent and free….and richer.

The thing is though that they haven\’t refused to pay. They\’ve just said that this is an issue of such gravity that the people must have their say.

A taste for that sort of democracy also being a bar to joining the EU of course.

Further, it isn\’t actually true that they owe in law this full amount. There are indeed international rules about how much deposit insurance they must cough up. And the ones that apply to the European area are, I think I\’m right in saying, something like €21,000 per account.

If the UK Government (and the Dutch) want to top this up to 100% of all accounts then that\’s their right. But they\’ve no right in law to go and insist that Iceland pay for this extra.

This is gonna be fun.

4 comments on “Ah, shame

  1. If they join the European Union, they will end up reminiscing about the glory days when it only cost them 21,000 Hitlers each.

  2. There is no law to stop us seizing their fishing waters and refusing to give them back.
    Do you realise this Pirates cover is smaller than Croydon and still doing very very nicely per capita compared to the UK.
    Fucking Iceland , like them better when they did Arctic Rolls and that Bjork can fuck off as well.

    ( Sorry bad journey …)

  3. Ah, Newmania, that’d require a navy, and we don’t have one of those any more. (Besides, remember what happened the last time the RN took on those Icelandic gunboats; it can’t be considered a great success.)

  4. Apologies for the Daily Mail link, but


    “Your Icesave money is safe, Alistair Darling pledges”
    9th October 2008

    Mr Darling’s pledge goes beyond the current Treasury guarantee on the first £50,000 of customers’ savings.

    In theory, Icesave customers should get the first £16,000 of their compensation from Iceland. The rest is topped up by the UK.”

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