This Iceland Revolution can teach all the countries many things
People in Iceland have made government resign, nationalized the primary banks, and also decided never to pay debt created by their bad financial politics with Holland and Great Britain. They also formed public assembly to rewrite its constitution.
All of this done in peaceful way! The whole revolution in opposition to the powers created current crisis.
That is exactly why there is no publicity since two years: just think what would occur if rest of EU citizens or the US citizens also took it as an example?
This is their facts’ summary:
In 2008, main bank of country was nationalized. Iceland’s currency- Krona- devaluates and its stock market stops- leading the whole country into bankruptcy.
In 2008, its citizens protest in parliament and then manage to conduct new elections that created resignation of its whole government including the prime minister.
The country steered into bad financial situation. A law was proposed to pay the debt back to Holland and Great Britain through a total payment of 3,500 million Euros- to be paid by its people every month with 5.5% interest for next 15 years.
In 2010, people came out on the streets to demand a referendum.
January 2010, President denies its approval and also announces popular meeting.
March 2010, a referendum and denial of payment was voted by 93%. In the meanwhile, the whole government started an investigation to bring the people responsible for crisis to justice. Several high level bankers and executives are arrested.
Interpol orders implicated parties to leave the country.
In such crisis, an assembly was elected to redraft new Constitution to substitute the current one and included the lessons learnt from it. It present one was copy of Danish Constitution.
25 citizens, with no political affiliation, were chosen- from a total of 522 candidates. For the candidacy, one had to be an adult and have support of more than 30 people.
New constitutional assembly started in February 2011 to give ‘carta magna’ from recommendations provided by diverse assemblies occurring around the nation. It had to be approved by current Parliament as well as the one constituted from next legislative elections.
As a summary of Icelandic revolution:
- resignation of entire government
- nationalization of its bank
- making referendum so that its people could decide the economic decisions
- Incarcerating the responsible parties
- Rewriting of new constitution by its own people.
