Icelandic Voters Say 'No' to Neoliberal Debt Payback Deal

Partial results from a referendum in Iceland suggest voters have given a resounding "no" to a deal in which Iceland would have paid Britain and the Netherlands billions of euros.

This would have been to cover the compensation the two countries paid to their citizens who lost money due to the collapse of the Icesave bank.

However, with nearly a third of the votes counted, more than 90 percent of Icelandic voters have rejected the deal.'

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Save the People of Iceland - the Official Petition

Iceland may be the first Western democracy to be forced into South-American style debt-slavery. The IMF, in concert with the UK and the Netherlands, has attempted to strongarm the recently impoverished Island of 317,000 into paying over 3.6 billion pounds ($6.3bn) -- $86,000 per Icelandic family -- at 5.5% interest for the next generation. The money is not conventional government debt, but arises from the collapse of a private multi-national bank during the financial crisis.

The issue is so serious that the entire nation will vote on the issue towards the end of February 2010.

Sign the petition here...