RC Business

Iceland held its referendum on its €3.9bn repayment package to UK and Dutch savers on Saturday last.Icelandic banks collapsed in both countries leaving savers at a loss.  Icelanders are seething at the actions of the authorities in those countries. A final turnout of 62.7% cast their vote with 93% rejecting the proposed repayment package.

It looks like the Icelanders do not want to renege on the package but they want the terms of the repayment to be re-negotiated.

A €4.6bn IMF package for the Icelandic economy is on hold until there is certainty about how the foreign savers are to be compensated.

Business, Economics