Direct Democracy proposal for Economics

Viably-structured Icelandic repayments to UK investors

Approximately 18 months before the on-set of the recent global recession, the Icelandic Government communicated directly to the UK government that they were foreseeing problems ahead regarding exactly what has now transpired.

At the time, the UK government did not want to acknowledge the problems presented and therefore refused to address the issue with the Icelandic Government or, to inform UK investors of potential problems. Many of the UK investors who lost money were charities, public sector organisations, police forces and local councils.

As soon as the problem became public via the media, Gordon Brown froze Icelandic UK-based assets [using anti-terror laws] and demanded repayments for UK investors who lost money. There is no response from the UK government regarding the warnings from the Icelandic government, as they can't deny that this happened. But, if the UK government disclosed that this did actually happen then the people would realise that Gordon Brown probably had more responsibility than even the Icelandic Government and banks did regarding UK investments.

However, there is no criticism of any UK investors for their lack of responsibility when making investment decisions with the Icelandic banks - no one forced them into making the decisions that they made and many UK investment brokers have always warned of foreign banks that offer exceptionally high returns.

It seems to us that Gordon Brown made a serious mistake in ignoring the Icelandic Government's warnings in the first place and also is now making the Icelandic Prime Minister a scapegoat. We believe that Gordon Brown created an opportunity to potentially improve his status among the UK voters at the expense of our integrity and international relations and, we do not believe that this is the way to go forward on the world stage.

Despite all of this, the Icelandic Government is in agreement about compensating UK-based investors but the UK government are exerting so much pressure that the Icelandic Government can not afford the repayments. This has now forced the Icelandic Government to go to the people for the decision on whether to make any repayments at all and if so, how to structure the repayment plan so that it doesn't cripple their economy. In principal, the People's Administration actually believes that over-all responsibility for any UK loses lies with each investor and the banks as each investor is responsible for the decision of where to invest their money and also, because the Icelandic banks did not break any laws when managing UK investor accounts.

There is no legal obligation upon the Icelandic Government to make any repayments and so we feel that the Icelandic Government's will to make repayments should be respected. Should the People's Administration install direct democracy, we propose that they should be assisted in structuring a repayment plan that is viable for all parties.

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