http://online.wsj.com/article/SB126269125264416275.html
The common sense of "The People" should ALWAYS prevail. The United States and quite a few other nations could learn a lesson here. It's not "The People's" problem, it's the bank's personal problem and they need to learn to deal with it on their own rather than pass it off....again...on the taxpayer.
Bravo Iceland! Stand strong! What's the EU done for anybody lately?
Iceland's president vetoed a bill to reimburse the U.K. and the Netherlands for bailing out depositors of a failed Icelandic bank, throwing into question the international plan to rescue the island nation's banks and casting doubts on its bid to join the European Union.
.President Ólafur Ragnar Grímsson Tuesday cited massive public opposition in his decision to reject the bill, which was approved in late December by the Icelandic parliament after months of wrangling.
Iceland's president is the head of state, but rarely wields real executive power. The veto was only the second time since Iceland's independence from Denmark in 1944 that a president used that authority.
Under Iceland's constitution, the bill—which calls for nearly $6 billion in repayment over 15 years, plus interest—will be put to a public referendum. Opinion polls suggest it has little chance.
