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Icelandic voters reject Icesave debt repayment plan

April 11, 2011

Prime minister says the ‘worst option was chosen’ after 60% of voters in referendum oppose £3bn repayment.

Icelanders have rejected the latest government-approved plan to repay the £3bn owed to Britain and the Netherlands from the crash of the country’s banking system in 2008, prompting the prime minister to warn of economic and political chaos.

Final results from five of six constituencies, including the capital, Reykjavik, showed the “no” side taking nearly 60% of the vote, meaning the dispute is likely to end up in a European court…

(read the rest of the article)

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  1. zrants permalink*
    April 11, 2011 4:01 pm

    Little Iceland Panics Big Banks – Monday, April 11, 2011 – by Staff Report, WSJ
    Iceland Says No … The island nation may serve as an example for those who want capitalists to operate at their own risk. In a national referendum Saturday, Icelanders, for the second time, voted against a government proposal to pay the big losses of some of their bankers and their foreign customers, with 60% voting “No” and 40% in favor. For those of us who welcome capitalists, but want them to operate at their own risk, this hopefully sets an example for the rest of Europe. – Wall Street Journal

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