Icelanders have clearly rejected on Saturday the agreement on the repayment of 3.9 billion claimed by London and The Hague after the collapse of Icesave bank in 2008, plunging embarrass the government in Reykjavik, according Almost final results of the referendum published Sunday. According to figures of 70% of ballots counted and quoted by state radio RUV, failure comes a clear leader with 57.7% against 42.3% yes.
Some 230,000 voters were asked to vote for the second time in a year on a new version of this agreement Icesave, the online bank whose bankruptcy had robbed nearly 340 000 British and Dutch investors. The first government minister to center-left coalition Johanna Sigurdardottir who regarded the agreement as "capital" for Iceland has expressed his disappointment.
"The worst option was chosen. The vote divided the country into two," she said. She stressed that this result was "a shock" to the government but also for the parliament with 70% of members had approved the agreement before the head of state, refusing to ratify it, do not submit to a referendum.
A victory of the "no" would undoubtedly be a setback for the center-left coalition which runs the country since the 2008 crisis. Johanna Sigurdardottir has not disclosed its intentions regarding a possible resignation of his government. "We must do everything to avoid a political and economic chaos after the result," she said.
Already in March 2010 the Icelanders were overwhelmingly rejected, 93%, the first version of this agreement was less favorable for Iceland. Reykjavik laboriously negotiated with the United Kingdom and the Netherlands, the agreement Icesave was to structure the repayment agreement with these two countries have had to compensate the victims.
The economist and professor at the University of Iceland Gudmundur Olafsson, predicted a victory for the "no" will refer the dispute to the EFTA (European Free Trade Area) and Icelanders have very big to lose. "The consequences will be considerable," he said. For supporters of the "no" on their website www.
advice. IS, "there was never a legal requirement for Icelandic citizens to bear the losses of a private bank." The U.S. attorney Lee Buchheit, who led the negotiations with Iceland to London and The Hague had said that "it is the best agreement ever negotiated given the time and circumstances." With a victory of "no," he warns, is that the EFTA will be before the conflict and it will take a year or two before we know how the matter will end.
He believes that neither the Dutch nor the British will return to the negotiating table. Besides the diplomatic tensions between Reykjavik, London and The Hague, the case has deeply divided the Icesave Icelandic power, the leader of the opposition in Parliament and state government. President Olafur Ragnar Grimsson, based on petitions from tens of thousands of signatures against the deal, has twice refused to enact the law Icesave.
Both times she had yet been adopted by members. The new agreement would allow Iceland to stagger its payments until 2046 at a rate of 3% to 1.3 billion euros due to the Hague and 3.3% for the 2.6 billion due to London. On the scale of the inhabitants of this island in the North Atlantic, the agreement represents nearly 12 200 euros per head, excluding interest.
But Iceland hopes to repay a large part with the assets of the bankrupt bank Landsbanki, Icesave's parent, which could reduce the bill. 
Some 230,000 voters were asked to vote for the second time in a year on a new version of this agreement Icesave, the online bank whose bankruptcy had robbed nearly 340 000 British and Dutch investors. The first government minister to center-left coalition Johanna Sigurdardottir who regarded the agreement as "capital" for Iceland has expressed his disappointment.
"The worst option was chosen. The vote divided the country into two," she said. She stressed that this result was "a shock" to the government but also for the parliament with 70% of members had approved the agreement before the head of state, refusing to ratify it, do not submit to a referendum.
A victory of the "no" would undoubtedly be a setback for the center-left coalition which runs the country since the 2008 crisis. Johanna Sigurdardottir has not disclosed its intentions regarding a possible resignation of his government. "We must do everything to avoid a political and economic chaos after the result," she said.
Already in March 2010 the Icelanders were overwhelmingly rejected, 93%, the first version of this agreement was less favorable for Iceland. Reykjavik laboriously negotiated with the United Kingdom and the Netherlands, the agreement Icesave was to structure the repayment agreement with these two countries have had to compensate the victims.
The economist and professor at the University of Iceland Gudmundur Olafsson, predicted a victory for the "no" will refer the dispute to the EFTA (European Free Trade Area) and Icelanders have very big to lose. "The consequences will be considerable," he said. For supporters of the "no" on their website www.
advice. IS, "there was never a legal requirement for Icelandic citizens to bear the losses of a private bank." The U.S. attorney Lee Buchheit, who led the negotiations with Iceland to London and The Hague had said that "it is the best agreement ever negotiated given the time and circumstances." With a victory of "no," he warns, is that the EFTA will be before the conflict and it will take a year or two before we know how the matter will end.
He believes that neither the Dutch nor the British will return to the negotiating table. Besides the diplomatic tensions between Reykjavik, London and The Hague, the case has deeply divided the Icesave Icelandic power, the leader of the opposition in Parliament and state government. President Olafur Ragnar Grimsson, based on petitions from tens of thousands of signatures against the deal, has twice refused to enact the law Icesave.
Both times she had yet been adopted by members. The new agreement would allow Iceland to stagger its payments until 2046 at a rate of 3% to 1.3 billion euros due to the Hague and 3.3% for the 2.6 billion due to London. On the scale of the inhabitants of this island in the North Atlantic, the agreement represents nearly 12 200 euros per head, excluding interest.
But Iceland hopes to repay a large part with the assets of the bankrupt bank Landsbanki, Icesave's parent, which could reduce the bill.
- Iceland May Regret Latest Icesave Rejection (11/04/2011)
- You: Icesave 'no' vote wins in Iceland referendum (10/04/2011)
- Icelanders Reject Depositors Bill, Forcing Year-Long Fight (11/04/2011)
- Icelanders Reject Depositor Bill, Forcing Year-Long Court Fight (10/04/2011)
- Icelanders Reject Depositor Bill, Forcing Year-Long Court Fight - BusinessWeek (10/04/2011)
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