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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/12/uk-hails-iceland-bank-collapse-deal.jpg"><img class="alignnone size-full" title="Chancellor George Osborne said he believed the coalition had smoothed the way to a fresh deal" src="http://londonglossy.com/wp-content/uploads/2010/12/min-uk-hails-iceland-bank-collapse-deal.jpg" alt="Chancellor George Osborne said he believed the coalition had smoothed the way to a fresh deal"/></a></p>
<p>Britain has welcomed a breakthrough in the £2.3 billion dispute with the Icelandic government over the collapsed IceSave bank.</p>
<p>Reykjavik announced a new draft deal on repaying the cash spent by the Government on compensating tens of thousands of UK savers after the 2008 collapse.</p>
<p>Under the terms of the proposal &#8211; which most be approved by Iceland&#8217;s parliament and signed off by the UK and the Netherlands, which is also owed money &#8211; repayments must start by 2016, at an interest rate of 3.3%, and be completed by 2046.</p>
<p>Talks resumed in July after collapsing earlier this year following the rejection of a previous repayment agreement by Icelandic voters in a referendum.</p>
<p>A Treasury spokesman said: &#8220;The UK welcomes this new proposal from Iceland on IceSave and looks forward to successfully resolving the issue by signing a new loan agreement. Mutually-satisfactory closure of this issue will mark a new chapter in UK-Iceland relations.&#8221;</p>
<p>Chancellor George Osborne said he believed the coalition had smoothed the way to a fresh deal by dropping British threats to oppose Iceland&#8217;s EU membership application.</p>
<p>Speaking to reporters shortly before the new deal was announced, he said: &#8220;The previous government had made almost no progress.</p>
<p>&#8220;We have adopted a different approach to this. We have, for example, stopped blocking Iceland&#8217;s application to join the European Union because I think that helped clear the air.</p>
<p>&#8220;But it is also clear that they cannot complete those negotiations without resolving this issue. It is not just us, by the way &#8211; the Dutch are involved as well.</p>
<p>&#8220;I think this has led to a much more constructive relationship between the Icelandic government and the British Government, which was pretty glacial, frankly.&#8221;</p>
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