by Alexis » Mon Apr 11, 2011 3:28 pm
To understand the scale of what was at stake for Iceland in this vote, and generally for other countries in these extortions of public money for payment of private debts, a few points of comparison:
- After its defeat in 1870-71 against Germany and as compensation for having started the war, France paid about 10% of its GDP as a war ransom
- After its defeat in 1914-1918 and as compensation for having looted and devastated several of its neighbours, Germany effectively paid about 16% of its GDP as war reparations
- Iceland's GDP in 2010 was , which is less than 10 billion euro. What British and Dutch governments are attempting is to get 3.9 billion euro for debts which were not incurred by Iceland, that is a racket for about 40% of Iceland's GDP
- Ireland is slated to shoulder 24 billion euro for new bank bailout, on top of 40+ billion already spent. Given a 2010 GDP about 150 billion, the racket resulting from decision to bailout the banks is about 43% of Ireland's GDP