President refuses to sign Icesave deal / Reykjavik warned of political isolation

Articles reports that Iceland’s President said on the 5 January 2010 that he would not sign legislation to reimburse Britain and the Netherlands for nearly €4bn lost in the failed Icelandic bank, Icesave, threatening to plunge the crisis-hit country into a fresh round of political and economic turmoil.

Olafur Grimsson, President of Iceland, said the legislation, narrowly passed by the country’s parliament in January 2010, should be put to a national referendum, amid overwhelming public opposition to the bill.

BBC News, 5.1.10: Iceland leader vetoes bank repayments bill http://news.bbc.co.uk/1/hi/business/8441312.stm

NRC Handelsblad, 5.1.10: Iceland's President blocks 3.8bn repayment to Dutch, British http://www.nrc.nl/international/article2451334.ece/Iceland_s_president_blocks_3.8_billion_repayment_to_Dutch%2C_British

ESO: Background information: Reykjavik stalls on Icesave deal http://www.europeansources.info/record/reykjavik-stalls-on-icesave-deal/

Iceland: Prime Minister's Office: News, 5.1.10: The Government committed to the Economic Program http://eng.forsaetisraduneyti.is/news-and-articles/nr/4089

Spiegel Online International, 5.1.10: Iceland Blocks 3.8 Billion Euro Repayment to Dutch, British http://www.spiegel.de/international/europe/0,1518,670294,00.html

BBC News, 6.1.10: Iceland plans Icesave bill vote http://news.bbc.co.uk/1/hi/business/8443691.stm

EurActiv, 6.1.10: Iceland president rejects EU savings deal http://www.euractiv.com/enlargement/iceland-president-rejects-eu-sav-news-223312

BBC News, 8.1.10: Referendum due on Icesave pay-out http://news.bbc.co.uk/1/hi/business/8449661.stm

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