The Dutch and the British governments are now contemplating court action in the European Free Trade Association Surveillance Authority. This may not be such a good idea as the whole process will take at least a year and a half, probably more and all sorts of interesting things might come out about the lack of proper stringency in the financial processes that allowed the Icesave fiasco to happen.
Joe Lynam thinks Iceland might be the loser:
The consequences of this referendum vote is that Iceland's years in the financial wilderness could be extended much further.That is not quite the way it looks at present. Icelanders have voted against their tax money being used in this exercise and they are not going to be joining the EU. Sounds to me like they might be winners. As for Moody's and other rating agencies, they are not quite as predictable or reliable as Mr Lynam seems to think.
Moody's and other ratings agencies look set to downgrade the country even further, making it prohibitively more expensive to borrow on the open markets.
Iceland's bid to join the EU will be paused or even vetoed by Britain and the Netherlands. And the tiny Atlantic economy is facing legal action in the EFTA court which might force it to pay up sooner than planned and at a punitive interest rate.
Democracy doesn't pay if you're an Icelander.
The Governor of Iceland's Central Bank thinks that this could impede foreign borrowing. Whereas, of course, what is happening within the EU, apparently the now unattainable goal for Icelanders, is a fiscal paradise.