Tuesday, 29 January 2013

#ICELAND Wins Case Over Failed Bank #LANDSBANKI

Iceland!  The Icelanders; Heroes ALL!

Hooray!!!!!!!!!!!!!!!!!!!!!

Now maybe those people with NO MONEY, can stop BAILING OUT those people WITH money, who were too stupid to keep an eye on where it was, they were putting it.

a FREE market, does not PROTECT AGAINST STUPIDITY, not BAIL OUT THE GREEDY!
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EUROPE NEWS
Updated January 28, 2013, 10:19 a.m. ET
Iceland Wins Case Over Failed Bank
By CHARLES DUXBURY in Stockholm and CHARLES FORELLE in London


Iceland won a sweeping victory in a court fight over its responsibilities to foreign depositors in the Icelandic bank Landsbanki, which failed in 2008.

The court of the European Free Trade Association on Monday said Iceland didn't breach European Economic Area directives on deposit guarantees by not compensating U.K. and Dutch depositors in Landsbanki's online savings accounts, known as Icesave accounts.

Enlarge Image
Agence France-Presse/Getty Images

A file picture taken on Oct. 8, 2008, shows a woman leaving a branch of Landsbanki in Reykjavik, Iceland.

The EFTA Surveillance Authority, or ESA, which brought the case against Iceland, had claimed that Iceland should have made sure U.K. and Dutch savers who lost money on Icesave got repaid from deposit insurance.

U.K. and Dutch authorities compensated their own savers.

The directive, part of EU rules to which Iceland subscribes, "does not lay down an obligation on the State and its authorities to ensure compensation if a deposit guarantee scheme is unable to cope with its obligations in the event of a systemic crisis," the ruling said.

The ruling of the EFTA Court is final and can't be appealed.

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  1. MorU Can't Handle It HUMAN
    http://www.occupythebanks.com


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