America's Financial Illusion Continues to Hunt The Icelanders.

 

March 07, 2010 (Hamsayeh.Net) - Iceland a country of 340,000 inhabitants has voted a no to billions of euro repayment scheme to the UK and the Netherlands.

 

The poll showed that 93 percent of Icelanders were against paying back the debt with only 1.6 percent conveying their approval. The country’s largest online overseas Bank called Icesave went bankrupt following the 2008 recession. Icesave was the online branch of a larger Bank called Landisbanki, active in both the UK and the Netherlands after the 90’s.

 

The main bank also went bankrupt and the UK used a newly implemented anti-terror law to take over the Landisbanki bank’s assets. These banks owed billions to their European counterparts before they collapsed.

 

Iceland became a major hub for America’s free-market global economic restructuring. The country suddenly transformed into a financial centres for speculative banking procedures encouraged by neoliberal movement and former US administrations. The big financial bubble suddenly burst when it became apparent that all of this was just a large-scale illusion, unprecedented in history.

 

The American illusion continues to hunt the peaceful inhabitants of that Nordic island up to this day.