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Iceland faces opposition on Icesave payouts

The Icelandic government is facing pressure to scrap plans to repay funds lost by foreign investors when the island’s banks collapsed. 

Around a quarter of Iceland’s voters signed a petition urging the president Olafur Ragnar Grimsson to call a referendum over the repayment of over £3bn. 

A deal would see Britain recoup £2.3bn for losses suffered by around 300,000 clients of Icesave, the subsidiary of nationalised Landsbanki.  

Iceland’s parliament has already approved the plans to reimburse £3.4bn lost by Dutch and British savers when the Icesave scheme failed in 2008.

One of the petition’s organisers Magnus Arni Skulason told the BBC: “The interest rate on the Icesave agreement for Iceland is like running the National Health Service of Iceland for six months.”

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  1. Why are Councils taking such risks with Taxpayers Money?

    What are Councils doing with Ratepayers Money investing in ‘High Risk High Gain’ accounts instead of Low Risk accounts?

    This is on a par with going to Bookies and placing bets with our money is it not?

    Signed Carl Barron Chairman of agpcuk

    http://carl-agpcuk.livejournal.com/

    http://disqus.com/Carl_Barron/

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