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Iceland blocks Icesave loan paybackTuesday 21 July 2009 A narrow majority of Icelandic MPs are opposed to paying back a €1.3bn loan made by the Netherlands to allow Iceland to compensate Dutch savers for their losses in internet bank Icesave, the Volkskrant reports on Tuesday. The compensation agreement, worked out between the Dutch and Icelandic governments, included a commitment from Iceland to pay savers up to €20,887. The Netherlands guaranteed the rest, up to a maximum of €100,000. Because of the financial crisis, the Netherlands lent Iceland €1.3bn to make the payments. The money was to be paid back over 15 years, with interest. A similar deal was struck with Britain, which advanced Iceland €2.7bn. But now the Icelandic parliament is threatening to block the deal. While savers will not be affected - they have already had their money - the Dutch and British treasuries may lose out. Opposition MPs are opposed to the deal, saying Landsbanki fell because of British and Dutch actions. But three members of the country's governing left-wing green party are also against, and they hold the key to the vote, the Volkskrant says. 'I was elected as an economist. We might want this deal, but Iceland cannot afford it,' MP ilja Mosesdottir told the paper. The Dutch finance ministry refused to comment. © DutchNews.nl
Here in Iceland, the issue revolves not around if we should pay or not, but rather how. The deal is shrouded with mystery as new information keep coming out and many people are worried that it will affect Icelanders, the education and health-care system. We also dislike how the big nations are trying to use Icesave as a bargaining chip for EU membership. It also about transparency and the lack of trust the people of Iceland have in the political system. Maxime Verhagen words are not helping with that. By Andri Sigurðsson | July 22, 2009 3:03 AM I'm confused. Did Iceland take the money from UK and NL and just flat out keep it? By Laura K. | July 23, 2009 12:24 PM
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This is not correct, the Icelanders were voting if the agreement was approved or not. This agreement is not realistic, not workable. The Icelanders want to pay, an unworkable agreement is no solution for any party involved.
By gerdur palmadottir | July 21, 2009 4:41 PM