by
dorisig007 | May 2, 2009 at 11:09 am
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4 comments
The public in Iceland is now organizing a group effort to stop paying their loans to the Banks in Iceland.
About 20.000 thousand individuals have signed up to a group - that is called - Hagsmunasamtok heimilanna ( homes interest group )
The foreign loans people took in good faith, are now skyrocketting,so people that invested with foreing loans a house ,worth 25 million kronas - is now worth 22 million kronas,but the loans are in the 30 millions or more.
People are angry at the banks .
Many have stopped paying of their loans,and many more are going to stop paying.
One member called this a financial civil war !
Many former Bank employes ,who bought stock in the Banks ,and got loans for from their bank,they made private companys around their investment ,so they dont have to pay.
One of the employes of Kaupthing Bank ,is the husband of the former Educational minister ,Thorgerdur Katrin Gunnarsdottir.
People feel that the banks have stolen their money.
And still nobody is being investigated about the crisis.
Trust to the goverment is at an all time low in Iceland.
Truemors
Financial Civil War in Iceland ?
Most RecentMost Recommended Comments (4)
at 11:31 on May 2nd, 2009
Will they be prosecuted if they just stop paying back their loans? I didn't know you could do that...
at 11:48 on May 2nd, 2009
Well - the big ones - the bankers that got loans - to buy stock - do not have to pay their loans.
The owners of the banks where also big company owners - like Baugur Group - FL Group and more.
So they could access bank money as owners of the banks ,and for their companys - and some of that money was wired to tax havens - Luxemburg - they cayman island and so on.
And now the old banks are no more - now there are new banks under goverment control.
Same names ,but new owners.
And people are angry ,because there a billions in foreing tax havens, from the old banks.
When they got the loans from the banks - they where called Bubble Loans - They got money - and did not have to show any sequrity .
So if they could not pay they loans - the banks said - ok - and have a nice day.
But the public ,is loosing there houses ,cars and so on .
at 13:19 on May 2nd, 2009
Interesting, thank you for the added information.
at 13:17 on May 2nd, 2009
Chaotic Times in Iceland... thanks for the piece.
at 16:13 on May 2nd, 2009
Go figure the loans of the bankers get written off and the common folk can figure out how to pay them.