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| Europe |
| Iceland Wins Big Case Over Failed Bank |
| 2013-01-28 |
| Iceland was handed a huge win today by the court of the European Free Trade Association. The court said that Iceland did not break the law when it decided not to cover the losses of foreigners who had deposited money in Landsbanki, the Icelandic bank that failed in 2008. The New York Times reports that this case has provoked intense animosity between Iceland and Britain. "In a recent interview with British television, Iceland's president, Olafur Ragnar Grimsson, denounced Britain's 'eternal shame' for invoking the terrorism laws," the Times reports. "'We were there together with Al Qaeda and the Taliban on that list,' he said. 'We have not forgotten that in Iceland.'" The Times also points out that Iceland's economy is improving. Fitch even raised its credit rating saying the country's ""unorthodox crisis policy response has succeeded in preserving sovereign creditworthiness." |
| Posted by:tipper |