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Update on Iceland –Economy Mend Iceland Stuffs Bankers Second Time

“Icelanders have rejected a depositor claims agreement with Britain and Netherlands for a second time in as many years as voters signalled they did not want tax funds to cover foreign losses by a private bank.

Initial results showed 59.1 per cent of voters said ”no” to the so-called Icesave agreement, while 40.9 per cent said ”yes”, based on figures published by a regional electorate commission, with about 90 per cent of votes counted.

”This matter will now be settled in the European Free Trade Association’s court,” Prime Minister Johanna Sigurdardottir said.

The government had hoped Icesave would restore investor relations and end the isolation that has stalled Iceland’s resurrection from its banking collapse.”

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