By Loftur Altice Þorsteinsson, civil engineer and science teacher.

The “pointless” referendum which brought shame on the colonial powers

The cruel economic warfare against  Iceland, by the colonial powers Britain and the Netherlands has come to a halt. The so called “pointless” referendum of the populace of Iceland has stopped the onslaught of groundless claims and naked aggression, exercised by the shameless governments of these states.

Governments of  Britain and the  Netherlands have claimed that they paid money to Icesave customers, which they did not. Based on these lies, the colonial powers have been using coercion to collect enormous sums of money from the Icelandic people.  The referendum has silenced these pirates and the tide is finally turning in favour of the common folks of the land of ice and fire.

Before the collapse of Landsbanki in October 2008, the bank had been paying insurance premiums for years, to the Deposit Insurance Schemes in  Britain and the  Netherlands .  Therefore the Icesave branches of Landsbanki in these countries had full insurance coverage, at the time of the collapse.  In  Britain the Icesave customers had a minimum guarantee of £50.000 (55.800) and in the  Netherlands a minimum of 100.000.

In Britain Landsbanki paid insurance premiums to FSCS (Financial Services Compensation Scheme) from December 2001 and in the  Netherlands to DNB (De Nederlandsche Bank) from March 2006.  The compensations which these insurance funds paid out are much higher than the minimum amount of 20.887, which EU regulations stipulate. Therefore the European Union has no legal reason to join the British and Dutch in their economic warfare against  Iceland .

The deposit insurance schemes in Britain and the Netherlands are financed by operating banks in these states. Therefore the correct parties have paid out compensations to the Icesave customers and the treasuries of these countries have not been required to pay anything. Why should the Icelandic populace be forced to compensate treasuries in  Britain and the  Netherlands for expenses that do not exist?

So the just course of the people of  Iceland is winning against governments of Britain and the Netherlands .  These governments have once again uncovered the colonial spirit of these states.  All nations of the world should unite against these aggressors, which use every opportunity to attack defenceless people, by military means or through economic warfare as in the case of  Iceland.

Loftur Altice Þorsteinsson, civil engineer and science teacher.