Wednesday, June 16, 2010

Foreign loans in Iceland not leagal - Supreme court today

The Icelandic Supreme court ruled today ,that loans based on foreing currency,are not leagal .
This means that people that had loans in foreign currency , will get it fixed to Icelandic currency.
For example , if a man had a car loan ,wich is now in 2. 5 million kronas, but he has also payd 500 thousand kronas,  the Supreme court ruling, means that the loan is now 500 thousnad ,plus interests,and not 2.5 million.
The Courts ruling today , was about car loans, but it will probably also mean , that all loans in foreing currency in ICeland , are not leagal.
Now it is to be seen what the Goverment and banks will do , and how the will follow the COurts ruling.
This could also mean trouble for the Finance institutions.
Hundreds of billions kronas are at stake.
THe goverment will decide in a few days time,how it will react.

Now there is a video group on Facebook ,with lots of videos of the protests here in Iceland and in High Quality.
It is from 2008  , here is a link , if you are interested in seeing the video Protest Videos Link.

But here is a video of the sunset here in Reykjavik at midnight


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