Irreverent Economics

The world is too bizarre to allow one to become too nihilistic

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Icesave referendum

Iceland had a referendum on Icesave today. It was rejected by 94% of voters, 2% said yes and turnout was 63%.

It was a strange affair, as it was a rejection of a deal that that had already been improved. (see my older blog on that). The PM and some other ministers maintained it was a meaningless affair. Not  the first thing they get wrong.

It has at least 2 benefits for the Icelanders

  1. It gives exposure to the unreasonableness of the Icesave demands
  2. It steels the government in any future negotiations

Maybe, just maybe, the Icelanders will never pay this back.

 

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This entry was posted on Saturday, March 6th, 2010 at 6:44 pm and is filed under RiskResearch. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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