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Mass Strike Rejects Bailouts,
Austerity in Europe

April 12, 2011 (EIRNS)—Icelandic citizens have once again given a bloody nose to the bankrupt Inter-Alpha banking system. In a referendum on April 9, they voted by a 60% majority to reject legislation that would force Icelandic taxpayers to pay Great Britain and the Netherlands $5 billion to pay off the debts of private Icelandic banks to British and Dutch depositors. In March 2010, they had already rejected a similar plan worked out by the parliament.

In his official statement, Icelandic President Olafur Ragner Grimsson sent a strong message to the European Union's fascist directorate and a strong lesson for Ireland, Portugal, and Greece. "The Icelandic nation has now delivered its verdict and shouldered unequivocally the responsibility it is granted by the Constitution," the statement reads. "The turnout was high by Western standards, and this, together with the extensive and thorough debate in the run-up to the referendum, shows clearly how important the issue was to the nation."

The statement asserts fundamental democratic principles, and the right to sovereignty over financial affairs. President Grimsson said that the two "referendums on the Icesave issue have enabled the nation to regain its democratic self-confidence and to express sovereign authority in its own affairs and thus determine the outcome in difficult issues. This is a valuable experience to build on in the future...." (See the April 15, 2011 EIR for more on the Iceland situation.)