More than four years after its banking system collapsed, Iceland won a landmark court case on Monday over its refusal to cover the losses of British and Dutch depositors who lost money in Icesave, a failed Icelandic bank...When people see me "conspirorize" (not even a word but I'll use it anyway) about the potential abuse of so called "terrorism" laws by government, I know they don't know a damn thing about institutional power. Many laws are passed with the simple intent of expanding government power and limiting the power of the people. This is usually accomplished via claims of "safety" and "stability". I'm sure the British were using the "stability" argument. Nice to see people with a backbone to stand up to folks looking to be vampires on their wallets for their personal gain.
The court ruling on Monday represents a major victory for Iceland. Unlike Ireland, which also experienced a catastrophic bank failure, Iceland declined to use taxpayer money to bail out foreign bondholders and depositors. This set off a bitter dispute with Britain, which used antiterrorism rules to take control of assets held in Britain by Icesave’s parent, Landsbanki.
(17 years of informed commentary)