Icelandic Icesave Bank Repayment Bill Referendum (2010)
A referendum on an Icesave repayment bill following the Icesave bank failure was on the ballot in Iceland on March 6, 2010. The measure asked voters whether or not the president should approve a bill designed to repay the British and Dutch governments for deposits lost after the online bank Icesave failed. The measure was defeated, with 93 percent of voters opposing the plan. Prior to the election, the Icelandic government had already negotiated a more favorable deal with the British and Dutch governments concerning repayment for Icesave losses.[1]
Election results
The referendum was defeated, with 93% of voters marking no on the measure.
Background
The IceSave bank was an internet bank that failed in 2008, resulting in a loss by British and the Dutch savers who's governments sought reimbursement of their losses from the Icelandic government. A bill was passed by the Icelandic Parliament to repay the two countries, which would have resulted in a cost of about €12,000 per resident in Iceland and was widely unpopular in the country.[2] A group called In Defense Group submitted a petition with over 7,000 signatures asking the president not to sign the Icesave repayment bill. The group argued that the bill should be voted on by the electorate because it would oblige the country to give out financial resources for the program.[3][4]
The Icelandic President rejected the bill to repay the British and Dutch governments, representing the second time an Icelandic president had vetoed a bill passed by the parliament, and sent the issue to voters. The British and Dutch expressed disapproval of the president's action; British officials believed the action could force Iceland to take out loans from the International Monetary Fund (IMF) or bilateral loans from other governments to pay back the British and Dutch governments.[5][6] Ultimately, the bill was rejected by voters, and the two governments worked with the Icelandic government to find an alternative repayment solution.[7][8]
Path to Vote
The election date for the Icesave referendum was set to March 6, 2010.[9]
External links
Footnotes
- ↑ Business Week, "Iceland Rejects Icesave Depositors Bill in Referendum," March 7, 2010
- ↑ BBC News, "Iceland petition against pay-out over Icesave collapse," accessed January 2, 2010
- ↑ Ice News, "Icelandic president urged to say no to Icesave," accessed November 28, 2009
- ↑ Ice News, "Icesave result expected today," accessed November 30, 2009
- ↑ UK Telegraph, "Iceland's president turns cold on Icesave deal," accessed December 31, 2009
- ↑ The New York Times, "Iceland Bank Bill to Go to Referendum," accessed January 5, 2010
- ↑ The New York Times, "Iceland Bank Bill to Go to Referendum," accessed January 5, 2010
- ↑ CNN, "Britain expects repayment from Iceland, despite president's rejection," accessed January 7, 2010
- ↑ AFP, "Iceland to hold Icesave referendum on March 6," accessed January 19, 2010 (dead link)
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