Let Iceland be a warning

The Icelandic parliament approved a law regulating the repayment of foreign savings deposits amounting to over 3.5 billion euros at the end of the year. However following protests from the Icelandic people President Ólafur Ragnar Grímsson has postponed the ratification of the legislation. The online edition of the Polish news magazine Wprost criticises the protests: "All the citizens of Iceland are to pay for the mistakes of a few bankers. Well why not? They themselves are to blame. The case of Iceland is a warning to anyone who invests money in new banks. Why? Because every crisis that comes hits these institutions first as they have virtually no cash as security at their disposal. Every additional financial burden is like a death sentence for them."

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