Page last updated at 13:08 GMT, Tuesday, 19 January 2010

Icesave referendum set for 6 March

Icesave
Icesave's parent bank, Landsbanki, collapsed in 2008

Iceland has confirmed it will hold a referendum on 6 March on plans to repay the UK and the Netherlands debts owed from the collapse of Icesave bank.

The country's parliament voted for a referendum earlier this month after President Olaf Ragnar Grimsson vetoed the Icesave bill.

The bill to repay 3.8bn euros ($5.4bn; £3.3bn) was passed in December.

It has proved unpopular with the Icelandic public and could be rejected in a public vote, recent polls suggest.

Opponents say the repayment plan forces Icelandic taxpayers to pay for bankers' mistakes.

If the bill is rejected, $7bn worth of financing from the International Monetary Fund and other Nordic countries could come under threat.

Icesave collapsed in October 2008, affecting thousands of UK savers who held deposits with the bank.



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SEE ALSO
Referendum due on Icesave pay-out
08 Jan 10 |  Business
Iceland leader vetoes bank bill
05 Jan 10 |  Business
Iceland approves new Icesave deal
31 Dec 09 |  Business
Anger as Iceland battles to recover
09 Oct 09 |  Europe
No shortcut for Iceland, says EU
09 Sep 09 |  Europe
Iceland timeline
02 Nov 11 |  Country profiles

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The Independent Bank rate committee 'not fit for purpose' - 5 hrs ago
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