Referendum pitched on Icesave row
Press TV – January 5, 2010 15:52:12 GMT
Tension is growing between Iceland, Britain and the Netherlands over Reykjavik’s refusal to pay compensation to foreign account holders in the country’s Icesave bank which collapsed in 2008.
Icelandic President Olafur Grimsson once again cast doubt on the repayment of more than €3.8bn (£3.4bn) to British and Dutch nationals, refraining from signing a controversial bill narrowly passed by parliament late last year which ratifies the reimbursement.
Grimsson maintains as the legislation has sparked a deepening public anger, the question must be put to the nation through a referendum, citing the country’s constitution.
“The cornerstone of Iceland’s constitution is that the nation is the highest judge for the validity of law. Now the nation has the power and the responsibility in its hands,” Grimsson said.
The announcement drew reproof from London and Amsterdam, which paid compensations to Icesave account holders after the online bank, part of Landsbanki, collapsed.
Finance ministries in both countries suggested Iceland would have no choice but to pay back the money.
“The UK government expects Iceland to live up to its obligations.” AFP quoted a British Treasury spokesperson as saying. “The Treasury will consult with colleagues in Iceland to understand why this bill has not been passed and will work with them, the Netherlands and within the EU to resolve this issue as soon as possible.”
“We are extremely disappointed…The Netherlands maintains that Iceland is compelled to pay back the money,” Finance Ministry spokesman Ruud Slotboom told the agency.
Iceland’s economy took a hard blow from the global financial crisis and opponents of the bill are arguing it cannot afford the repayments.
However, if the country fails to pay the money, its access to $4.6bn (£2.9bn) in promised bailout funds from the International Monetary Fund and Nordic countries may be jeopardized, aside from the influence of the issue on the country’s bids to join the European Union.
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