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Thread: UK to sue Iceland over debts

  1. #1
    Administrator CatInASuit's avatar
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    Default UK to sue Iceland over debts

    From the fall out of the banking disaster when several Iceland banks collapsed and a lot of funds held by British companies and councils just vanished, the UK and Netherlands are going to sue Iceland (the country, not the fast food chain) for the money back.

    For the Uk, this amounts to approximately £2.3bn. This will be after the Iceland nation rejected a proposal to repay debts and so this one will go to the international courts to decide how much should be repaid, if at all.

    Somehow I can see the cost of the court case coming to the same amount as possibly given back in repayments as I doubt it will be the full amount.

    More on the story here.
    In the land of the blind, the one-arm man is king.

  2. #2
    Elen síla lumenn' omentielvo What Exit?'s avatar
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    Isn't this squeezing blood from a stone? Iceland won't be able to afford such payments for many years from what I can see. I think the £2.3bn is just bad debt at this point and the lawsuit will not help either party. The UK and Netherlands banks made some terrible loans and will pay for it the normal way. They will eat most of the loss.

    Also, what is the Iceland fast food chain? Is it a chain of fish places? I've never heard of them and assume they are mainly a UK company.

  3. #3
    The Queen Zuul's avatar
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    I'd been under the impression that the Icelandic economy was recovering, but not to such a degree that they could repay that debt. It looks like everybody involved is just going to suffer over this.

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