Iceland's president orders vote on Icesave
Iceland's president orders vote on Icesave
Tuesday 5th January 2010
Iceland's president has refused to sign a bill to repay billions lost to UK and Dutch savers from Icesave accounts.President Olafur Ragnar Grimsson announced a referendum would be held on the decision, although a date is yet to be announced.
During the banking crisis, Iceland's Landsbanki, which held the Icesave accounts, collapsed, leaving British and Dutch savers hit badly. Following heated debates in the country, and strong domestic opposition, Iceland passed a bill last month to give hand funds over to the UK and Dutch governments, who had compensated their citizens in the wake of the crisis.
Following the announcement of the bill, some 60,000 people - about a quarter of the country's electorate - signed a petition protesting against it and calling for a referendum.
President Grimsson said today the Icelandic public had the right to choose: "It is the job of the president of Iceland to make sure the nation's will is answered.
"I have decided... to take the new law to the nation.
"Public opinion polls indicate that the overwhelming majority of the nation is of the same opinion."
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