Iceland repayment bill rattles home opinion
It is not only the US Banks that are paying back the relief money they have gotten to alleviate the financial crisis.
Iceland was one of the more spectacular breakdowns during the global economic crisis . The total collapse of the Icelandic banks devastated the country and left Iceland with a low reputation on the financial markets. The fact that it was not Iceland’s fault but rather the Icelandic Bank management which was not “in-house” seems to be of no consequence.
Iceland is a very special country with limited resources and possibilities. Global warming is changing the environment on and around Iceland with resulting domestic economic changes. Iceland needs to come closer to Europe and seeking membership in EU is a safe bet. To alleviate the badwill from the Icelandic Bank collapses, the country is now repaying some of the losses that foreign countries were hit with.
The new bill that Iceland has passed is not popular with the public since it is footed on taxpayer money. In the long run though the move is the right one as Iceland will be needing a supportive economic community as security and development partners.
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