Why Is Iceland Not Present in the World News?

As it appeared, the European Union hides news not only from Libya. Ancient European fairy tale when officials forbid journalists to shout that the king is naked repeats in the XXI-st century. But Internet authentically displaying degree of moods of revolutionary population (which the Israeli patriarchs have correctly nicknamed apocalypse) becomes more real, than once real world - with its practice of distortion of reality.

The story told via Italian radio about incessant revolution in Iceland is a vivid prove that our mass media tell us little about the world.

Iceland literally went bankrupt in 2008 in the beginning of financial crisis. The reasons were mentioned only in passing, since then that little-known member of the European Union, so to say, disappeared from radar. As European countries one after the other appears under the threat of bankruptcy that threatens euro existence which in its turn will render the most different consequences for the whole world, the last thing the mighty of this world would wish is that Iceland became example for others.

Here you are the reason: 5 years of pure neoliberal mode made Iceland (population of 320 thousand, without army) one of the richest countries in the world. In 2003 all banks of the country were privatized, with a view of attraction of foreign investors they offered online-banking, minimum expenses allowed to offer rather high indicators of profitableness. Accounts named IceSave attracted a set of small British and Dutch investors. In process of growth of investments external debt of banks also grew.

In 2003 the debt of Iceland equaled to 200 percent of its GNP, in 2007 it made 900 percent.

World financial crisis of 2008 became a mortal blow. Three main Icelandic banks - Landbanki, Kapthing and Glitnir were nationalized, the crone lost 85 percent of its cost in relation to euro. In the end of the year Iceland declared bankruptcy.

In spite of what was expected in the course of direct application of democracy crisis led Icelanders to restoration of their sovereign rights that as a result led to the new constitution. It was a painful process. The Prime minister of social democratic coalition government Geir Haarde carried out negotiations on granting 2.1 billion dollars of credit to which northern countries added other 2,5 billion. At the same time the international financial community pressed Iceland so that it carried out radical measures. FMI and the European Union (possibly IMF was meant) wanted to incur the debt asserting that it's unique way to pay off with Britain and Holland for the country.

Protests and disorders proceeded having forced eventually the government to retire. Elections were moved up for April, 2009, therefore left coalition which condemned neoliberal economic system came to power, it surrendered to the requirements to Iceland to repay in total three and a half billion euro at once. To pay off the debts taken by private persons in relation to other private persons demanded that each inhabitant of Iceland paid 100 Euros monthly within fifteen years.

It was that straw which broke camel's back. Things happened then were extraordinary. Opinion that citizens should pay for errors of financial monopoly, that the whole country should be taxed to pay off private debts changed relations between citizens and their political institutes, as a result it led to that leaders of Iceland took part of the voters.

The head of the state Olafur Ragnar Grimsson refused to ratify the law which would make citizens of Iceland responsible for debts of the Icelandic bankers and agreed to call referendum. Certainly, the international community only increased pressure upon Iceland. Britain and Holland threatened severe reprisals which would lead to country isolation. When Icelanders were going to vote, IMF threatened to deprive the country of help. The British government threatened to freeze savings and current accounts of Icelanders.

As Grimmson says: "We were told that if we wouldn't accept conditions of the international community, we would become Northern Cuba. But if we agreed, we would become Northern Haiti".

In March referendum of 2010 93 percent voted against debts payment. IMF immediately froze crediting. But revolution (there was practically no info about it in mainstream-mass media) was not to intimidate. With support of the angered citizens the government initiated civil and criminal investigations in relation to the persons responsible for financial crisis. Interpol issued the international wrist against former president of bank Kaupthing Sigurdur Einarsson, other bankers involved in crash ran from the country away.

Icelanders didn't stop on the reached: they decided to accept the new constitution which would release the country from the power of the international finance and virtual money. To write new constitution people of Iceland elected 25 citizens from among the adults not belonging to any political party who were recommended by at least 30 citizens. That document was handwork of not a handful of politicians, it was written on the Internet. Constituent sessions were carried out online and citizens could write their comments and make offers observing their constitution gradually finds its form.

The constitution which finally was born within the limits of such national participation will be submitted in the parliament for approval after next elections. Today similar decisions are offered other peoples. People of Greece are said that privatization of their public sector is the unique decision. The same threatens to the Italians, the Spaniards and the Portuguese. Let them look at Iceland. At their refusal to submit to foreign interests when their tiny country loudly and openly declared that their people are sovereign.

That is why Iceland isn't present in news.

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