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EU anytime soon.... that's really the only practical outcome of this given the small amounts being talked about. (Of course, their are considerations of principle as well...)

Monetary union with Norway? Not like their own currency will be worth much anytime soon. Who'll take it? I'd rather take payment in lamb chops and herring than their worthless crowns.

Wonder how much pull the UK and NL have at the IMF...good luck getting the next bailout, Icelanders....

I'd understand all this if Icelanders would express a little contrition and recognition of the mess they've created (small as it thankfully was) rather than turning back to the same greedy assholes whose lack of oversight and full-throated neo-liberal bullshit support brought this mess in the first place. They drank the kool-aid...for a while it looked like they were sobering up but it looks as though they would rather drink more vodka-laced kool-aid.

We shall see, but I'm not holding my breath...

The Hun is always either at your throat or at your feet. Winston Churchill

by r------ on Mon Mar 8th, 2010 at 08:30:27 AM EST
hah! So, punish them by not letting them into the EU? Interesting idea.
by Upstate NY on Mon Mar 8th, 2010 at 10:10:16 AM EST
[ Parent ]
They are already in the European Economic Area (as part of EFTA). Therefore, economically and in terms of "internal market" legislation, nothing would change.

EU accession in this case is all about Eurozone accession, that is, a Bundesbank bailout and takeover of Iceland.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma

by Migeru (migeru at eurotrib dot com) on Mon Mar 8th, 2010 at 10:35:10 AM EST
[ Parent ]
I wasn't aware of that, thanks.
by Upstate NY on Mon Mar 8th, 2010 at 01:00:55 PM EST
[ Parent ]
But that is central to the whole Icesave dispute: Icelandic banks were able to operate in the say they did because of EU common market freedoms, whereas the regulation of cross-border banking and in particular of deposit insurance was totally deficient. See the article linked to here.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Mon Mar 8th, 2010 at 02:08:55 PM EST
[ Parent ]
require EFTA to expel Iceland or have certain important trade agreements with the EU...ummm...renegotiated.

The Hun is always either at your throat or at your feet. Winston Churchill
by r------ on Mon Mar 8th, 2010 at 07:03:22 PM EST
[ Parent ]
Which part of the regulation of cross-border banking and in particular of deposit insurance was totally deficient is unclear? How about EFTA and the EU go a little easier on the free market religion?

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Tue Mar 9th, 2010 at 01:52:58 AM EST
[ Parent ]
Fantasizing about the EU throwing its weight around is apparently fun.

Bomb bomb bomb Starve starve starve externalized scape goat.

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by A swedish kind of death on Tue Mar 9th, 2010 at 04:07:43 AM EST
[ Parent ]
And on negative side for Iceland it would mean Iceland joining the disastrous fishing regulation of the EU.

Sweden's finest (and perhaps only) collaborative, leftist e-newspaper Synapze.se
by A swedish kind of death on Tue Mar 9th, 2010 at 04:03:51 AM EST
[ Parent ]

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