They were subsequently bailed out by foreign governments and/or entities, but from Iceland's standpoint — which is the important one when it comes to their taxpayers' finances — they were wiped out.
That is why the UK and Holland, in particular, were so pissed at Iceland and threatened to block EU-entry negotiations at one point. They spectacularly footed the bill, and I presume so did other countries. They then sent it to Iceland.
Iceland, on its end, raised its middle finger. Slowly.
Not just once, either.
The politicians tried to sneak the debt back in to be accommodating. And twice, a popular vote was organized and the referendum yielded a big fat no by a massive landslide.
The non-tax paying, non-residents? Yes.
They were subsequently bailed out by foreign governments and/or entities, but from Iceland's standpoint — which is the important one when it comes to their taxpayers' finances — they were wiped out.
That is why the UK and Holland, in particular, were so pissed at Iceland and threatened to block EU-entry negotiations at one point. They spectacularly footed the bill, and I presume so did other countries. They then sent it to Iceland.
Iceland, on its end, raised its middle finger. Slowly.
Not just once, either.
The politicians tried to sneak the debt back in to be accommodating. And twice, a popular vote was organized and the referendum yielded a big fat no by a massive landslide.
http://en.wikipedia.org/wiki/Icesave_dispute
Credit Agricole, btw, was bailed out using US-funds funneled by Bernanke's largess through AIG, rather than by France:
http://money.cnn.com/2009/03/07/news/companies/aig.fortune/i...