Iceland President Vetoes Bill to Repay Bank Bill

Iceland’s President Olafur Ragnar Grimsson has vetoed a bill designed to repay nearly $5 billion to the United Kingdom and the Netherlands. The two governments doled out the money to bail out savers who had accounts with Icesave.

In 2008 Landsbanki, which ran the Icesave accounts, collapsed during Iceland’s banking crisis. The UK and Netherlands stepped in to save their citizens who had accounts and Iceland’s parliament approved a bill in December to repay those governments but that bill requires Grimsson’s signature.

Grimsson has said since backed away from the bill, citing public outrage with legislation that would force them to pick up the tab for the mistakes of the bank. The president has said he would hold a referendum on the bill, insisting the people had a right to express their views before the country agreed to any repayment.

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