Inspired by Iceland
Icelanders “can’t pay Icesave”
Posted by Max Naylor on Tuesday, June 08, 2010
Strong words came from a former director of one of The Netherlands’ largest banks which foresaw the Icelandic financial crisis, as he claimed that Iceland will be unable to pay back the controversially-named “Icesave debt” to the Dutch government. This was announced on the RÚV evening news.

Bert Heemskert, former CEO of Dutch bank Rabobanka, stated his opinion on TV station RTL when asked whether The Netherlands would get back the money it lent to Iceland for Icesave. He said that the amount is far too large for a small economy like Iceland to pay, also stating that it would be very difficult for Icelanders to completely pay off all of their debts in a reasonable amount of time.

“Let’s see. If we’re talking about 100 years, they could do it, but we know that even with 1-2% interest it would take 100 years or so to pay back 10% or thereabouts,” Heemskert said according to RÚV.

Source: mbl.is

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