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Why should Icelandic taxpayers be made responsible for the debts of a failed private bank? (Photo: Johannes Jansson/norden.org)

Why did Iceland say 'No'?

On Saturday, the people of Iceland for a second time refused via referendum to pay for the debts of the failed private bank Landsbanki Íslands and its online branch, Icesave, which operated in Britain and the Netherlands.

Almost 60 percent voted 'No' to an agreement that would have seen Icelandic taxpayers shouldering the responsibility of these debts, estimated at €11,875 for each of Iceland's 320,000 inhabitants. The result of the referendum was decisive with a turnout of 75 percent....

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The views expressed in this opinion piece are the author’s, not those of EUobserver

Author Bio

Lisbeth founded EUobserver in 2000 and is responsible to the Board for effective strategic leadership, planning and performance. After graduating from the Danish School of Media and Journalism, she worked as a journalist, analyst, and editor for Danish media.

Why should Icelandic taxpayers be made responsible for the debts of a failed private bank? (Photo: Johannes Jansson/norden.org)

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Author Bio

Lisbeth founded EUobserver in 2000 and is responsible to the Board for effective strategic leadership, planning and performance. After graduating from the Danish School of Media and Journalism, she worked as a journalist, analyst, and editor for Danish media.

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