MEActNOWJust a reminder - THIS 👇🏼 is what it's like when government is working for the people...
UkeleleEric@MEActNOW except they didn't bail out the UK public authorities that had invested in the Icelandic banks, or the ordinary Brits that had ... It wasn't a perfect situation. (The reason why British authorities used Icelandic banks was because they have to make the 'best' investment of public reserves by law, and weren't allowed to ask whether the promised returns were realistic, so there's a partial UK govt responsibility.)
Cybarbie@UkeleleEric @MEActNOW There was no legal requirement to offshore funds and not all councils were affected. Instead of Labour councils spending the money on schools they held billions offshore 'in reserve' in Icelandic banks. Gordon Brown used the Terrorism Act meant for Al Qaeda to freeze Icelandic assets in the UK causing their currency to collapse. #FTFY