Re:536 was ‘the worst year to be alive’ (2018)
by runarberg on Friday June 19, 2020 @03:32PM
(#23578071)
Then there are failures at multiple levels here:
a. Icelandic government failed in allowing a bank registered in the country to venture in a scheme that scales to such high amounts, given they need to guarantee their failure.
b. The EU/EEA failed in not taking in account the size of the host country economy.
c. The UK failed in not challenging this private venture at the EU/EEA level while it was happening. As they should have known Iceland was not equipped to dealing with a potential failure. The UK should have warned it's citizens as well.
d. The EU/EEA fail in not holding the people responsible for the damage caused by owners of private banks. Both Iceland and the UK share this failure since they can seek reparations on a national level.
Note that none of these failures are the fault of the UK nor the Icelandic taxpayers. Focusing the following court cases on those was a mistake. Sheltering the obvious villain of this disaster was another mistake. Allowing that villain to carry on and not pay any damage is ludicrous.
a. Icelandic government failed in allowing a bank registered in the country to venture in a scheme that scales to such high amounts, given they need to guarantee their failure.
b. The EU/EEA failed in not taking in account the size of the host country economy.
c. The UK failed in not challenging this private venture at the EU/EEA level while it was happening. As they should have known Iceland was not equipped to dealing with a potential failure. The UK should have warned it's citizens as well.
d. The EU/EEA fail in not holding the people responsible for the damage caused by owners of private banks. Both Iceland and the UK share this failure since they can seek reparations on a national level.
Note that none of these failures are the fault of the UK nor the Icelandic taxpayers. Focusing the following court cases on those was a mistake. Sheltering the obvious villain of this disaster was another mistake. Allowing that villain to carry on and not pay any damage is ludicrous.