Voters in tiny Iceland defied their parliament and international pressure, resoundingly rejecting a $5.3 billion plan to repay Britain and the Netherlands for debts spawned by the collapse of an Icelandic bank.
Note the obvious and heavy-handed spin here!
Iceland defies their parliament? The parliament is supposed to represent the will of the Icelandic people! Their function is to obey orders, not issue them!
It is the previous government of Iceland that defied the will of the people, just like the way the US Congress defied the will of the people to pass TARP!
International pressure? The only pressure is coming from the bankers, who have gotten this silly idea into their heads that they can make bad business decisions, engage in risky, reckless, highly speculative gambling, pay themselves billions on bonuses when the dice roll their way and stick the people with the losses when the game falls apart.
The people of Iceland are right to repudiate this debt. They did not approve of it. They did not agree to it. The debts were not incurred for the betterment of the people of Iceland!
This is a call to keyboards. All the "Rivero's Rangers" are asked to post to the comments section of every Corporate Media article demonizing the Icelandic people for refusing the yoke of servitude created for them the concept of Odious debt and why it applies here!