"This is a dispute between people and capital, property rights and human rights.... this is why many people in finance dislike the referendum, because it is symbolic. It is people questioning the rights of capital."
- Ogmundur Jonasson, 5 March 2010
The following is a statement issued after the referendum by Ogmundur Jonasson, a member of the Parliament of Iceland and of the Executive Boards of PSI and EPSU, and a leader of the movement to oppose the unfair treatment of his country.
"The referendum on Icesave is of importance in many ways. It is thus important that matters related to finance interests, traditionally in the regi of the IMF, should be subjected to a democratic decision in society at large.This democratic dimension is of utmost importance.
To my mind the Icesave dispute is only marginally a
dispute between states. It is a dispute between
finance on the one hand and
people on the other; between capital interests and the welfare system and how
to prioritise in times of crises.
In my mind it is far from self-evident that cuts should be made in welfare expenditure in order to protect property rights. This certainly is the case in the Icesave dispute. Great Britain and Holland maintain that if the Guarantee fund operating for banks in countries in the European Economic Zone, are not capable to pay up for deposits lost when a bank crashes, the tax payer should be held responsible.
Iceland has always said that it will honour its obligations but wanted it to be cleared by an independent body which these obligations were when the entire financial structure in a country, not one bank but all banks, crashes!
Great Britain and Holland denied Iceland this right
and managed to isolate Iceland - the whole of EU lining up to close loan-lines
to Iceland until British and Dutch demands have been met.
The policeman of international capitalism, the IMF, has been coordinating this affair!
What happens now remains to be seen. Iceland has said that it is willing to come to a settlement - well realizing that the isolation must be broken - but wants the terms of payment to be reconsidered. Iceland wants to pay only what is fair, and rejects agreements involving an unjust "profit-margin" for the opposing party."
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