From Iceland — Call for General Loan Strike

Call for General Loan Strike

Published June 23, 2009

Þorvaldur Þorvaldsson, one of the co-directors of Hagsmunasamtök
heimilanna – a grassroots movement seeking to protect the interests of
Icelandic households, is encouraging people to adopt a general strike
on paying back loans.
The goal of the move, according to Morgunblaðið, would be to pressure
authorities into changing real estate loan standards to adjust to the
recession, which has meant lower incomes for many families, and in some
cases, rising interest rates.
“We’re moving into unknown territory, but in many ways a traditional
general strike is being used as the model,” Þorvaldsson told
Morgunblaðið. “I hope that the result will be that we’ll be listened
The group was founded last January, in response to worsening economic
and political conditions in Iceland. Some of their main areas of focus
have included freezing loans to not be adjusted with inflation in the
banks’ favor, the reduction of interest rates, as well as a general
loan amnesty for struggling families.

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