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Iceland warned it could be frozen out of EU

Britain yesterday warned Iceland that it could be frozen out of the European Union after is President yesterday blocked a deal to repay more than £3bn to UK and Dutch savers.

Icelandic president Olafur Ragnar Grimsson yesterday 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 Icesave bank in 2008.

Grimsson has instead called for a referendum on the bill following national protests opposing the payouts.

Iceland was warned that it would jeopardise any relationship with the International Monetary Fund and endanger potential entry into the EU if it did not repay the money.

According to the Financial Times, City minister Lord Myners said that if it backed out of compensation Iceland would “effectively be saying that it did not want to be part of the international political system”.

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