The Icesave referendum was voted down over the week-end but there already was a new proposal in front of the government before the vote. Iceland will pay, but they are arguing about the terms of the schedule.
What is important is that there will be more voter awareness and action on debt issues as we move forward with the credit crisis. Maybe developed countries missed all of the protests during the Asian crisis when the IMF rammed austerity programs down their throats of these governments, but voter tensions will now be present in the developed world. Governments cannot offer all things to all people.The welfare state is going to have to change because government may not have a way to pay for them.
What is important is that there will be more voter awareness and action on debt issues as we move forward with the credit crisis. Maybe developed countries missed all of the protests during the Asian crisis when the IMF rammed austerity programs down their throats of these governments, but voter tensions will now be present in the developed world. Governments cannot offer all things to all people.The welfare state is going to have to change because government may not have a way to pay for them.
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