The rejection by the Icelandic people, by such a decisive margin, of the proposed repayment package to major UK and Dutch depositors to the Landsbanki is to be welcomed by working people and the unemployed throughout the world.

Had the terms “negotiated” by the Icelandic government amounting to €3.9 billion of repayments in a nation of just over three hundred thousand people been passed, it would have placed an intolerable burden on ordinary people.

The inevitability of the referendum outcome, in fact, gave rise to fresh negotiations between the Dutch, British, and Icelandic authorities for less brutal terms which they hope will be swallowed but let’s be clear, not one cent should be taken from ordinary working people who did not give their consent to the Icesave initiative, did not seek major deposits from the Netherlands and Britain and did not benefit from those investments.

The massive rejection of the repayment proposals in Iceland poses some awkward questions for the government in Ireland. Where is its mandate for NAMA?

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