Iceland To Hold Icesave Referendum On March 6

Sponsored Links

Iceland has confirmed that it will hold a referendum on March 6 on whether to repay debts owed to the British and Dutch governments following the collapse of the Icesave online bank.

The bill, approved by Parliament in December, was sensationally vetoed by Iceland President Olafur Grimsson after which he moved to assure London and The Hague that the country would repay its debt.

The Icesave compensation bill obliges the Icelandic government to repay $5.4 billion to the British and Dutch governments for compensating more than 320,000 savers who lost money following the collapse of Icesave bank in October 2008.

It has proved unpopular with the Icelandic public, with critics saying that the bill effectively saddles the bank's debt on taxpayers. The issue as seen as crucial to Iceland's bid to join the European Union and get its economy back on track.

Iceland has confirmed that it will hold a referendum on March 6 on whether to repay debts owed to the British and Dutch governments following the collapse of the Icesave online bank. (Market News Provided by RTTNews)