Iceland’s national referendum was the first opportunity for the people of any nation to vote directly on who pays when the financial elite fail.
Who cleans up the mess when ignorant, greedy bankers rack up massive debt then go broke? The people of Iceland made a strong statement Saturday. The sins of big bankers and government regulators shouldn’t fall on the citizens. By a 93% to 2% margin, they voted down a proposal requiring them to cover bad debt incurred by one of the nation’s oldest and largest banks.
Covering the debt would have cost Iceland’s 317,000 citizens around $17,000 each.