The international banking crisis which climaxed in 2008 hit the island nation of Iceland harder than any other country.  The EU member bailout of IceSave Bank left the 325,000 Icelandic residents with a whopping burden of $5.3 billion.

Home defauls, business failures and general economic chaos has been felt by every resident – and despair has turned into anger on all sides.

Iceland residents will vote this week whether they will opt to pay back these amounts to the EU nation which bailed them out, or default on the obligations.  Recent polls show a 60% disapproval rate of paying back these amounts.

Read more in these Financial Times links:

Iceland Voters Set to Reject EU Member Payback : http://www.ft.com/cms/s/0/fc525532-21ae-11df-acf4-00144feab49a.html

Bullying Iceland:  http://www.ft.com/cms/s/0/e69c686a-20e4-11df-b920-00144feab49a.html

Tags: Bank, Bank Bailouts, EU Banking, IceBank, Iceland, Soverign Debt

This entry was posted on Sunday, February 28th, 2010 at 9:02 am and is filed under Finance/ Retirement, General Business Matters, International, Politics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.