It seems a little strange that people who banked with Icelandic banks - presumably to get a better return on their money - should be bailed out by the taxpayer, but I suppose if it weren't for the generosity of the island republic they would have stuck it with Natwest and we should have paid anyway.
Anyway Alastair Darling, UK chancellor, paid it all off when the Icelandic banks went belly up and now wants his (that is to say our) money back. Was there a proper loan agreement? Could we have a look at the terms?
But the Icelanders have decided not to pay it back (I really would like to have a look at that loan agreement). President Grimsson has refused to sign into law the bill providing for the repayment of the Darling billions.
Oh, and could they join the European Union so the Germans pay it off next time? Well. You don't have to have spent a lifetime studying the German mentality to suspect that this might not play too well in Frankfurt. Just a hunch.
But fortunately I have the solution. Those of us who can remember back to 1972 will recall the cod wars. The result of this conflict was that Iceland enforced a 200 mile limit round its fisheries and Britain gave away its fisheries to the European Union. So here we go: something the Icelanders will find easy and at the same time will greatly improve the British diet.
We'll take it in cod.
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