More Politics & Law Questions

Iceland and Britain

According to thedailymail , the Icelandic people are very angry at the British Government (not the people, rather the people at the top, specifically Gordon Brown.). This is because due to the credit crunch in England, brown as decided to use Terrorist Laws to seize funds from Iceland, thus almost killing the economic power of Iceland. Iceland is a economy built on Banking (high savings interest means a easy way to lend out money, which results in more in return) and tourism. Tourism isn’t enough for Iceland to continue, and it has little to no industry (unlike Sweden who have penknives as back up). These are not all the facts obviously, and most of it is up to debate. However, what is your opinion on this situation?

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Answer #1

I think it was a foolish, short-sighted move by Brown.

On the other hand, a lot of British investors have good reason to be angry over how the Icelandic banks handled this situation. Many people in the UK lost quite a bit of money as a result of banks like IceSave collapsing, then reneging on deals, and failing to honor pledges they had made during the good times.