A New Mom And The President of Iceland

In 2011 there was an issue between Iceland, Britain, and the Dutch. Iceland was known for their international banking centers. Hundreds of thousands of people had savings accounts and invested money and had high interest rates that they were proud of but in 2008 the banks failed and people who were overseas could not get any money out. Iceland was now in a very difficult situation. 

In Iceland everything needs to be signed by the President who is as powerful as the Queen of England so in order for this to work they had to go to the Presidents house. People were standing outside the Presidents house with red light flares because they were so upset. The President ended up doing a veto which is a constitutional right to reject a decision or proposal made by a law-making body on the bill which he has never done before because this was such a serious matter. People were so upset with this decision that they voted NO to giving money to the Britains and the dutch. So the President set up one more vote. Stephon said that Iceland is not required to pay the money for what was lost from the banks. People are undecided about to vote yes or no. why should the citizens of Iceland pay for the britians and the dutch. The professor that was spoken to said that he was thinking about movie out of the country because it has become that bad. He said that the economy has shrunk and unemployment has sky rocked. Its not fair that people bought shares and now don't have the money that they invested in. Its not fair that we trust the banks and the banks can just walk away. People trusted the banks and the currency way to much. Land cruisers, computers, flat screen TVs were very very cheap says Hitha.

The debt market just wants to get repaid in the end. If bond guys can make money and lend it to us in Iceland then they will. Clayton Nash says he put money in one of these accounts. He put 42 thousands pounds and he got all his money back. The British government gave the depositors there money back to the dutch and they did the same to the Netherlands. Basically if you vote yes the little nation will be repaying the gigantic other population. Everywhere people went they were talking about interest rates. People in Iceland are well educated and full of life to know what they are voting on but then you also have to look at the other people who have jobs which are getting paid for working, the President asked us to read about what we are voting for but hes not paying us to do so so why should we do it says Hitha. She voted NO because this decision should go back to the international courts. But her boyfriend voted YES because the grounds that we stand on doesn't trust foreigners sends a really bad signal

In the end after the case went to the international court and the court issued its decision that Iceland didnt have to pay any money back. Refusing to pay hasn't caused much damage to Iceland and Iceland and the UK can still be friends again. The British and Dutch government still are getting money from insurance but they wont get everything they wanted and its not too bad for them.