EU threatens to isolate Iceland over $5b debt

Sydney Morning Herald – ICELAND, the tiny nation of just 350,000 people, has been threatened with pariah status in Europe if it fails to honour a 3.5 billion euros ($A5.5 billion) debt to Britain and the Netherlands. The loan, offered at the height of the financial crisis when Iceland was teetering on the precipice of bankruptcy, was designed to guarantee repayment of funds to more than 400,000 people who had deposits with the doomed Landsbanki bank and its so-called Icesave savings accounts. Read Article

Ed – The decision is whether to default on a debt of Eu100,000 for every single citizen and keep their sovereignty, or not. Quite a simple choice really.

Tags: 2nd Great Depression, banks, debt & wealth, Europe, New World Order