From Iceland — Iceland Backs Off from Britain

Iceland Backs Off from Britain

Published February 25, 2009

The Financial Times reports that Iceland has backed down from its
threat to take the UK to human rights court over its use of
anti-terrorism laws to freeze Icelandic assets in the UK.
Last January, the previous government – offended that the British government was using an anti-terrorist law to freeze Icelandic assets in the UK in order to repay British investors – threatened to take the British government before the European Court of Human Rights. Britain’s move was also met with shock and outrage from many, if not most, Icelanders, resulting in protests both online and on the streets.
The Minister of Business for the current government, Gylfi Magnusson, reversed the position, telling the Financial Times, “There are no plans for the Icelandic government to go to court over this.” He emphasised that Iceland is entering an era of pragmatism as it reconstructs its economic system.
The British government said it welcomes the decision.
Read the full Financial Times article here.

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