January 28, 2013

The Banking Cartel’s intent of privatizing the profit and nationalizing the debt is void.

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JUDGMENT OF THE COURT (pdf)

28 January 2013

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“199 In any event, the defendant submits, it is unclear whether the transfer of domestic deposits to the new bank led to a better position of the depositors holding such accounts. These account holders were subject to strict capital controls, and were unable to convert their (severely depreciating) Icelandic krónur into any other currency. By contrast, the priority claimants in the Landsbanki winding up now stand to be fully reimbursed in a fully convertible currency.”