Icelandic IceSave Referendum, 2011

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An Icelandic IceSave Referendum was on the April 9, 2011 ballot in Iceland.

This measure was defeated and is now headed to court.[1]

This was the second time Icelanders voted on the IceSave deal. The Icelandic government had approved a repayment plan to Britain and the Netherlands in regards to the collapsed IceSave bank but when the President was set to approve the bill he instead declined and sent it to a referendum vote. A petition had been signed by nearly 38,000 people calling for a vote on the new repayment plan.[2] Under the deal around €4 billion would be returned to London and around €1.32 billion would be returned to the Hague. This new deal would have given Icelanders till 2046 to repay all the money and the repayment would have been at a lower interest rate than the previous deal. Questions on the future of Iceland's bid for European Union membership also were brought up if this is again defeated by citizens.[3]

Text of measure

The question on the ballot:

Law number 13/2011 allows for the Minister of Finance to to confirm the contract which was inscribed in London on the 8th December 2010, on responsibility for the Depositor and Investors’ Protection Fund to re-pay the British and Dutch states for the cost of the minimum insurance amount to depositors in branches of Landsbanki Islands hf. in the United Kingdom and the Netherlands and the payment of the balance and interest on those obligations.

The law was passed by Althingi on the 16th February 2011 but the President of Iceland declined to pass it. Should law number 13/2011 remain in force? Possible answers are: Yes, it should remain in force. No, it should be repealed.[4][5]

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