Iceland Skips Out On Its Debts
Posted by That Other Mike on 11/04/2011
Iceland Rejects Debt Deal To Repay Billions
by The Associated Press
April 10, 2011
Referendum results show voters in Iceland have rejected a government-approved deal to repay Britain and the Netherlands $5 billion for their citizens’ deposits in the failed online bank Icesave.
Final results from five of six constituencies on Sunday showed the “no” side taking just under 60 percent of the votes.
Prime Minister Johanna Sigurdardottir said the results were disappointing but she would try to prevent political and economic chaos resulting from it.
The result complicates Iceland’s recovery from its 2008 economic collapse.
Icelanders overwhelmingly rejected a previous deal in a referendum last year, but the government hoped a new agreement on better terms would win approval.
Iceland, the deadbeat nation.