22 February 2011

President forces new referendum on Iceland's debt repayment

Iceland's president has called a referendum on the latest plan to repay the UK and Netherlands the 4bn euros (£3.36bn) they lost when the Icesave bank collapsed. (BBC). However welcome this may be, it has to be noted that Iceland's constitution did not require a mandatory referendum on an issue of such importance. Not many politicians would show so much backbone and interest in giving citizens a say in major decisions such as the planned requirement to repay debts incurred when the British and Dutch subsidiaries of Icelandic banks collapsed.

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