Courtesy of Mish.
Iceland is in an economic recovery thanks to its decision to not bailout banks at taxpayer expense during the great financial collapse. Iceland's decision upset the UK and Netherlands. Both countries foolishly decided to reimburse its depositors, then sue Iceland to pay.
The story goes back to 2010 and I have commented many times on Iceland and Icesave and how Iceland was doing the right thing.
Here are a couple links on Icesave if you need to refresh your memory.
- Iceland Rejects IceSave; Does No Mean No?
- Icelandic Voters Reject "Icesave" Again, Effectively Telling UK and Netherlands Banks "Go to Hell"; Iceland's Common Sense Stance
Iceland Wins in Court
Here is an image clip of page 36 of the court decision completely exonerating Iceland.
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The decision was delivered in open court in Luxembourg on 28 January 2013. Congratulations to Iceland.
EFTA
The EFTA is the European Free Trade Surveillance Authority.
The European Free Trade Association Surveillance Authority performs the executive role of the European Commission in the countries of the European Free Trade Association (EFTA) which are part of the European Economic Area (EEA).
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