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Iceland voters reject Icesave deal

Icelandic voters have rejected proposals to pay back debts to the UK and the Netherlands following the collapse of Icesave bank.

Over the weekend 93 per cent of voters said no to the £3.5bn deal to reimburse overseas depositors. Britain has been pressing to recoup £2.3bn for losses suffered by around 300,000 clients of Icesave.

In January Icelandic president Olafur Ragnar Grimsson refused to ratify a bill passed by the country’s parliament to authorise the repayment of money to Britain and the Netherlands following the collapse of the Landsbanki subsidiary in 2008. He called for a referendum on the bill following national protests opposing the payouts.

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