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Referendum due on Icesave pay-out | Referendum due on Icesave pay-out |
(1 day later) | |
Iceland's parliament has voted to hold a referendum on a controversial plan to repay Britain and the Netherlands over the 2008 collapse of the Icesave bank. | Iceland's parliament has voted to hold a referendum on a controversial plan to repay Britain and the Netherlands over the 2008 collapse of the Icesave bank. |
The motion, which was passed unopposed, set no date for a popular vote, but said it should be held by 6 March. | The motion, which was passed unopposed, set no date for a popular vote, but said it should be held by 6 March. |
Supporters of the Icesave bill - which had earlier been approved by MPs - say it is essential to restore confidence. | Supporters of the Icesave bill - which had earlier been approved by MPs - say it is essential to restore confidence. |
But many Icelandic voters say repayment terms are unfair, and President Olaf Ragnar Grimsson vetoed the bill. | But many Icelandic voters say repayment terms are unfair, and President Olaf Ragnar Grimsson vetoed the bill. |
Icelandic views on repaying debt | |
Forty-nine of the 63 members of parliament voted in favour of holding a referendum by 6 March. No-one opposed the motion, as the 14 remaining MPs were absent. | Forty-nine of the 63 members of parliament voted in favour of holding a referendum by 6 March. No-one opposed the motion, as the 14 remaining MPs were absent. |
The bill, narrowly approved by the parliament on 31 December 31, defines the terms of the payout of 3.8bn euros (£3.4bn) to the British and Dutch governments - which had to compensate savers after the Icesave collapse in October 2008. | The bill, narrowly approved by the parliament on 31 December 31, defines the terms of the payout of 3.8bn euros (£3.4bn) to the British and Dutch governments - which had to compensate savers after the Icesave collapse in October 2008. |
Opponents say the repayment plan forces Icelandic taxpayers to pay for bankers' mistakes. | Opponents say the repayment plan forces Icelandic taxpayers to pay for bankers' mistakes. |
A successful resolution to the dispute is essential if Iceland is to continue accessing the $7bn of financing from the International Monetary Fund and other Nordic countries. | A successful resolution to the dispute is essential if Iceland is to continue accessing the $7bn of financing from the International Monetary Fund and other Nordic countries. |
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