volksjager (volksjager) wrote in ontd_political,

Cry Havoc !! Iceland leader vetoes bank repayments bill

-Public referendum to be held!

"The participation of the nation in the final agreement is the only viable outcome."

Iceland's president has refused to sign a controversial bill to repay $5bn (£3.1bn) to the UK and the Netherlands.

President Olafur Ragnar Grimsson said he would instead hold a referendum on the bill, following public protests.

The legislation was designed to compensate governments forced to bail out their savers with Icesave accounts following Iceland's banking collapse.

Opponents argue the terms of the payments will unfairly hurt Iceland and its recovery from economic crisis.

Legislation to repay the money was approved by Iceland's parliament in December, but the approval of the president is also required before it can be passed into law.

"The president's decision to call a referendum on the Icesave law is likely to be met with mixed reactions by the Icelandic people. Many believe Iceland is paying too much back to Britain and the Netherlands and want the law courts to decide what the fair repayment amount should be." -Ingibjorg Thordardottir

Video at the link.

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