Cyprus-Forum.com

[tsukoui]

Why are the banks considered to be the holy churches of the modern economy? Why are private banks not like airlines and tele-communication companies and allowed to go bankrupt if they have been run in an irresponsible way? The theory that you have to bail-out banks is a theory that you allow bankers enjoy for their own profit their success, and then let ordinary people bear their failure through taxes and austerity. 
People in enlightened democracies are not going to accept that in the long run.

http://www.globalresearch.ca/why-has-iceland-experienced-a-strong-economic-recovery-after-complete-financial-collapse-in-2008/5320866

[Cap]

iceland not part of EU.
iceland not in Eurozone.

[Mikiko]

Time to get out of EU too.All growing countries are not in Europe.

[CrookedRiverGuy]

Well, Grimmson argues that the banks should go bust, if necessary. And with your recent rejection of the bailout package, the time to let the banks fall is just around the corner (as a result of the bank run the coming week - or whenever they'll open again).

iceland not part of EU.
iceland not in Eurozone.

There are other major differences too: The Icelandic people are extremely hard-working.

[Sotos]

There are other major differences too: The Icelandic people are extremely hard-working.

That is indeed a huge difference when compared to the British who build their wealth by robbing half the world

[appel]

I'm from Iceland, and the president is right.

But Iceland is a member of the EEA (European Economy Area) and thus has access to the European internal markets. This means Iceland has to adopt regulations from the EU that dictate this internal market, including financial regulations and deposit guarantee schemes.

There are plenty parallels between Iceland and Cyprus. What Iceland did was to move the entire domestic banking system into new banks, one new bank for one corresponding failed bank. The rest remained in the failed bank and was allow to go bust.

However, Iceland did not pay foreign depositors, simply because it didn't have to according to the deposit guarantee at that time (according to a EEA court of justice ruling). That deposit guarantee has been strengthened since then, meaning you may not have the same option as Iceland, the state is liable for the minimum guarantee.


In reality, you need to get rid of your banks, they are going bust. A banking system 8 times the GDP is horrendous. Banks create nothing but unjust wealth for a well placed few and a whole lot of pain at the end of the road.

The sooner you realize you cannot continue with these banks the better. Any solution to this matter has to ensure that 1) the state does not go bust 2) nor that the people of Cyprus are on the hook for anything.

Protection of the state and the people of the land are paramount.

[yialousa1971]

Well, Grimmson argues that the banks should go bust, if necessary. And with your recent rejection of the bailout package, the time to let the banks fall is just around the corner (as a result of the bank run the coming week - or whenever they'll open again).

iceland not part of EU.
iceland not in Eurozone.

There are other major differences too: The Icelandic people are extremely hard-working.

And Anglos are known for hard work.