		<div class="wpcnt">
			<div class="wpa">
				<span class="wpa-about">Advertisements</span>
				<div class="u top_amp">
							<amp-ad width="300" height="265"
		 type="pubmine"
		 data-siteid="111265417"
		 data-section="2">
		</amp-ad>
				</div>
			</div>
		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/icesave-deal-subject-to-referendum.jpg"><img class="alignnone size-full" title="Iceland will hold a referendum over repayments as a result of failed internet bank Icesave" src="http://londonglossy.com/wp-content/uploads/2011/02/min-icesave-deal-subject-to-referendum.jpg" alt="Iceland will hold a referendum over repayments as a result of failed internet bank Icesave"/></a></p>
<p>Icelandic President Olafur Grimsson has said he would put a new deal aimed at solving a dispute with Britain and The Netherlands over a £3bn repayment to a public vote.</p>
<p>Grimsson confirmed he would not personally ratify a plan to repay funds invested by British and Dutch citizens in internet bank Icesave that were lost when it collapsed in 2008.</p>
<p>About 38,000 Icelanders &#8211; around 12% of the population &#8211; had signed a petition calling on Mr Grimsson to authorise a referendum on the deal. A package with more onerous repayment terms was rejected in a national referendum last year.</p>
<p>Johanna Sigurdardottir, Iceland&#8217;s Prime Minister, said she was disappointed and &#8220;had expected the president to ratify this.&#8221;</p>
<p>Icelandic lawmakers approved the deal at the country&#8217;s parliament, the Althingi, last week.</p>
<p>&#8220;We will now go ahead and plan for the referendum,&#8221; Ms Sigurdardottir said, though it is not yet known when the vote will take place.</p>
<p>Icesave, an online subsidiary of Landsbanki bank, collapsed along with its parent and Iceland&#8217;s other major banks in October 2008, leaving 340,000 British and Dutch citizens out of pocket.</p>
<p>Both Britain and The Netherlands reimbursed their citizens&#8217; deposits and have since been seeking repayment from Iceland. The UK is owed about £2.3bn in compensation and The Netherlands 1.3bn euro (£1.09bn).</p>
<p>Under the new deal, Iceland would begin repayments in 2016 and finish by 2046, at an interest rate of 3% to the Dutch and 3.3% to Britain. The earlier deal vetoed in a public vote would have charged a 5.5% interest rate.</p>
<p>The latest deal is expected to cost Iceland just under 50 billion Icelandic kronur, with the recovered assets of Landsbanki expected to cover the majority of the debt.</p>
			<div style="padding-bottom:15px;" class="wordads-tag" data-slot-type="belowpost">
				<div id="atatags-dynamic-belowpost-69e2c26605954">
					<script type="text/javascript">
						window.getAdSnippetCallback = function () {
							if ( false === ( window.isWatlV1 ?? false ) ) {
								// Use Aditude scripts.
								window.tudeMappings = window.tudeMappings || [];
								window.tudeMappings.push( {
									divId: 'atatags-dynamic-belowpost-69e2c26605954',
									format: 'belowpost',
								} );
							}
						}

						if ( document.readyState === 'loading' ) {
							document.addEventListener( 'DOMContentLoaded', window.getAdSnippetCallback );
						} else {
							window.getAdSnippetCallback();
						}
					</script>
				</div>
			</div>
Discover more from London Glossy Post
Subscribe to get the latest posts sent to your email.
