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Hello, and welcome to the second video about the Icesave crisis, the banking Crisis in
Iceland. This video is going to go into the aftermath of the failure of the Icelandic
Banks and how the Icesave thing became such a huge problem.
Alright, so one of the first things that I have to explain to you is that Iceland had
Been getting allot of pressure from the IMF to finish this because the IMF was going to
Loan Iceland, because the Króna was almost worthless and we needed Euro's and Pounds
to Able to just buy food and Gasoline, so we
needed the Loans to like Kick start the Economy back.
But The IMF said, No deal until you finish this Icesave thing.
So the Icelandic parliament agrees alright well pay you back. Well pay the Icesave
Debt back but with certain provisions, we won't pay so much the Economy will just fail
Lead us into bankruptcy and people would be dying and starving and whatever.
So only a certain amount of the GDP could go into paying the debt, but a pretty big
Amount none the less.
And what happens on the 17th of September, The British and Dutch governments pretty
Much say "no", no deal
We want full reimbursement, this is not ok. We want the whole thing and that or no
And the Nordic countries that were going to loan us say "You have to finish this
Before you get any loans" And obviously we need the Loans from the IMF so we have to
Finish this right away
But how are we going to do it?
Outrage and icelandophobia explodes in Britain and the Netherlands and Icelanders
Traveling abroad get threatened and beaten, racism pretty much.
The latest that is happening now in the News and everybody is talking about is that on
31st December 2009, the Desperate Icelandic Parliament vote’s trough a bill, that is
not Really a bill
It just says, "Ok we are going to pay you no matter what, no matter if we have to take
Everything from the Education system, everything from the Healthcare so people can't
Afford they’re health bills, can't go to school.
Stop everything that the government was doing, it would have been a disaster and people
Were calculating the numbers that were just, for small country just outrages. It's
Just mind boggling, the amount of money for such a small country.
And Extreme bitterness and rage in every Icelander both towards the Bankers and the
Greedy Icelanders that put us into this mess, but as well Dutch and British governments
That seem to not understand that is just pretty much an enslavement of the Icelandic
People and the ruining of any possible future of the people here and children and even
Their children’s children. And pretty much turning Iceland in into to Ethiopia.
So what happens, 25% of the Icelandic voters sign a petition to ask the president to
Veto the bill, that is in the constitution of Iceland, is the right he has. He can Vito
A bill and 70% of people were very much against it, but some thought we had to give in,
There was just nothing else to do. But most of the people said that it's death either
It's death if we become an outcast financially, but it's also death if we agree to pay
This. We just can’t.
So on the 5th of January 2010, President Ólafur Ragnar Grímsson veto’s the bill and now
What is going to happen is the bill will go into referendum and it will likely not be
Passed but I don't know that, allot people are saying we have to pay it, if we don't
we Not going to get any money, any credit and
their won't be food and people will starve To death. And we won't be able to buy gasoline
for the boats so we can't fish, we can't Export because nobody wants’ to import from
us because of this pressure that is coming From the British and the Dutch.
And it almost seems like bullying, and so what happens then is one of the reasons I
Wanted to start this channel is because all of the misconceptions.
Every major newspaper in Europe with Headlines saying “Icelanders Will Not PAY!”
They have no intention of paying, and "what's wrong with those Icelanders, how greedy
Are they, why can't they just pay it back?"
Which is of course not what the president did. What he said basically was ok, I’m
Vetoing this bill. If this bill is not passed then the old bill that is a little bit
More reasonable and says we can't get bankrupt from this, and we will try and pay it in
The best way we can, but if we just can't pay it will not lead to the death of the
That's pretty much what he said. And just to put this into more perspective, the
Following day, the issue is not even mentioned once in the British parliament.
They didn't even talk about it. That the president of Iceland just Vito’s the bill.
That kind of shows how important it really is for them and at least to me it looks
Like it's a stunt to get more votes or something.
Because it's not that much money for them, they already are putting allot of money in
Their own banks and this is just like a small cookie at the bottom of the jar.
I hope this clear's something up. I think even Icelandic people don't really understand
This whole thing.
Everybody was just living their life normally and then one day
"Everything is over man!" "It's Titanic!"
"Jump off board!" "It's over"
"You can just forget it" "God bless Iceland"
The Prime minister was the captain of this sinking ship, all of a sudden.
And people were just looking around, and all like
How did this happen? And why didn't anybody do anything to stop this and of course the
Rage against like the Icelanders that actually put us into this mess, that were doing
These ridiculous investments and just playing with the Icelandic Economy.
Let's just say they can't walk the streets of Iceland anymore. We hate them just as
Much as you do.
And in fact, if I were to see one of them, I probably would...
I don't want to talk about what I would probably do to him. We will save that for a
"How to beat up a Banker"
But that is for a later time.
So anyways, thank you for listening.
If you have any questions please leave them in the comments or reply a video response.
Maybe you can explain your side of it, maybe you had money in the Icelandic Banks and
You feel like you are in a bad situation, and I understand that perfectly.
If a bank would steal all my money I would get pretty pissed.
So this is really a difficult situation for everyone. And nobody is happy about it.
Except perhaps the ones that profited from that, and that was these Icelandic
Businessmen and of course allot of companies and banks that saw that "ok, this can't go
On forever" and put allot of money, shorted the Icelandic economy and the Króna. Because
They knew that this can’t go on, this will fail.
So allot of people made allot of money when Iceland failed. Ridiculous amounts, so greed
Is the culprit of this.
Not the Icelandic people, they are not rich. They are not laughing their *** off with
Hands full of this easily gotten British and Dutch cash.
They are poorer than ever, and most people can’t pay off their houses anymore. And
it's Just terrible. Joblessness, people are losing
their jobs, people are losing their Homes.
People can't afford to buy clothes, food even. And they are striping the health care,
Their striping any kind of assistance and money for people that need it.
So it is going to be a cold winter, and it's going the be a very difficult year.
And it has been. And on top of all that this whole thing.
But thank you for listening and I will see you at a later time.