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Tuesday, January 05, 2010

President Blocks Compensation

Olafur Grimsson, the President of Iceland, has thrown a spanner into the works re the Icelandic government's promise to pay £3.4BN of compensation to Britain and the Netherlands for the collapse of the Icesave bank in 2008.

President Grimsson has declared that a national referendum must be held to determine whether or not the legislation is passed.

Given that a petition urging him not to sign the bill had attracted 62,000 signatures (25% of Iceland's population) by last night, it is clear which way the result of the referendum may go.

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