As documented on this blog recently Iceland has been involved with one of biggest rejections of the EU there has ever been by an EEA member, one which centred around two legal arguments, over the collapse of Icesave. This has been an ongoing legal battle until the judgement today.
The Telegragh reports:
After the collapse four years ago of Iceland's top lenders during the credit crunch, the British and Dutch governments stepped in to repay savers in the online "Icesave" account run by Landsbanki and wanted Iceland to pay them back directly.
Iceland did not comply, triggering a row between the governments and potentially complicating the island's bid to join the European Union.
But the court of the European Free Trade Association (EFTA) ruled that Iceland did not break depositor protection laws by refusing to return the money.
In other words the EU said "you have 20 seconds to comply", Iceland, with a population of only around 313,000, said with success:
"no"The assertion that Norway et al is governed by fax is looking more ridiculous by the day. I wonder if the Telegraph editorial team will even take note of its own report...?
Iceland says no, files its fax in the bin, and tells EU member states that it does not comply...