Iceland has a president with a spine? Not bowing and becoming subservient to the IMF?! WAY TO GO!!!

Good for the President and good for the people of Iceland. Why should the people bail out the poor judgment of those in Europe who greedily deposited money in Iceland for higher rates.
They made a poor choice but no one forced them to invest there.

Of course the @#$%&! licking agencies that derive income from those they rate will all follow in line and lower Icelands rating. When in fact, the ability of Iceland to repay its Legitimate debt is increased by it not paying those the nation is not responsible for, and surely not the people.

Let the EU explain to the world why they refuse to fight to protect themselves!

It will be instructional to watch for the effects of this decision not to pay. It could set precedents for when the US needs to default on its obligations.

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Fitch downgrades rating on Iceland economy to junk status BB- with outlook negative highlighting financial uncertainty and the once world leader in western developed nation ratings based on its close relationship with banksters, it’s sovereign debt ranked as no longer consistent with an investment grade:

http://www.marketwatch.com/story/fitch-cuts-icelands-rating-to-junk-status-2010-01-05

http://m.foxbusiness.com/quickPage.html?page=19453&external=139407.proteus.fma

http://www.bloomberg.co.uk/apps/news?pid=20601087&sid=aQmwP_L9_swQ&

Iceland refuses to pay back money:
http://news.bbc.co.uk/1/hi/business/8441312.stm

S and P cuts credit rating on Iceland and cautions on its sovereign debt, removed its ratings on long term and lowered its currency ratings:

http://www.alacrastore.com/research/s-and-p-credit-research-Research_Update_Republic_of_Iceland_Ratings_Lowered_And_Removed_From_CreditWatch_Negative-675316

- LearnFromMistakes

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