Court Rules In Iceland’s Favor Over Icesave Controversy

Icelanders have a reason to smile today.

Court Rules In Iceland’s Favor Over Icesave Controversy

Icelanders have long been known as a clever and happy race, but today the volcano-dotted nation will host even more smiles than usual: A European court has ruled that Iceland hasn’t broken the law by refusing to compensate for U.K.- and Holland-based deposits in “Icesave” accounts, after the collapse of the Landsbanki Islands bank. It also ruled that Iceland hadn’t discriminated between its own and foreign depositors in the scandal.


This means Iceland is off the hook for a potential damages claim of up to 335 billion kronur ($2.6 billion), sparked by Iceland’s financial crisis and the 2011 lawsuit brought by part of the European Free Trade Association. Given that Iceland’s so small and its GDP is only about $14 billion, this is big news. So big that Iceland’s favorite eccentric, digital, squeaking, entrepreneurial pop queen Bjork felt the need to chime in with her joy via Facebook, attracting tens of likes per second for her efforts:

congratulations to the icelandic nation on winning the icesave case !!

it gives me hope that we didnt have to pay for the crimes of few banksters !!

justice occasionally happens

warmth , björk.

[Image: Flickr user vicmontol]

About the author

I'm covering the science/tech/generally-exciting-and-innovative beat for Fast Company. Follow me on Twitter, or Google+ and you'll hear tons of interesting stuff, I promise.