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POL 423 Round 2 Journal 14

POL 423 Round 2 Journal 14 - This is a very interesting...

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Financial Times Legal action looms after Icelanders vote No April 11, 2011 Journal Britain and the Netherlands have invested 4 billion euros into an Iceland bank that collapsed during the crisis in 2008. Britain and the Netherlands are looking to the people of Iceland to pay for their losses, but the people on two occasions have voted not to pay those countries back. Britain and the Netherlands are now trying to take Iceland to court to see who is responsible for the lost money. Iceland is part of the European Economic Area but not part of the EU. Iceland is receiving bail-out funds from the IMF and this case could slow down the pace at which they receive that money, which has happened in the past. The people of Iceland think that since it was a private bank and there were foreign investors then they are not responsible for the money.
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Unformatted text preview: This is a very interesting situation that is affecting the North Atlantic countries. This shows an aspect of the European Economic area that is seldom seen. Although Iceland is not part of the EU they are economically attached to the rest of Europe as most of the countries in the EU. This situation shows the struggle European integration is running into when it comes to the citizens of countries giving up some of their sovereignty. This may also affect Iceland’s chances for becoming a member of the EU, they are potentials right now, but if this continues and bad blood starts to run between Iceland and Britain and the Netherlands it will be interesting to see how these countries will approach this issue....
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