Iceland’s rescue package flounders

Posted 12/11/2008 - 00:06 by steveejeb

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2008-11-11 (All day)

Believe it or not I take this as "good news". Iceland seem to be getting nowhere on finalising loans UNTIL they sort out the depositor issues with the UK in particular and the the Dutch and Germans. One can only hope that the "UK" issues DO include the IoM in these negotiations. If they don't then the IoM need to be right on the back of the UK government. As a group we have to keep pressing the IoM government and the UK government to ensure that we are fully represented in all negotiations with Iceland.

Again, for what is worth, Iceland is not going to get any funds until a deal is cut with the UK. By any standards, Iceland IS in a weak position. They have to NEGOTIATE and do any deals that they can. Ergo they have to cut a deal with UK, Dutch, Germans. That's fine, that's ok. But just to re-iterate from our point of view, we need to ensure and ascertain that the IOM KS&F are being fully represented by HMG. If not why not?

I for one one am getting a little tired of hearing about just UK Icesave customers. There is a broader picture here. There are ten's of thousands of depositors(and families) who have been devastated, who will be remembering how we have been treated by HMG. By that I mean it is not just the nominal 8,000 with KSFIoM but for every saver there is a spouse, for very couple there is a family and so on. The ripples on the pond are very large indeed and the "powers that be" need to recognise this.