facebook
twitter
rss
account
search
search
 

Petition halts Iceland's repayment plan

Jan. 4, 2010 at 9:12 AM   |   Comments

REYKJAVIK, Iceland, Jan. 4 (UPI) -- More than 56,000 voters in Iceland have signed a petition asking the government not to pay back foreign depositors who lost money when Icelandic banks failed.

The EUobserver reported Monday that the idea of paying back $5.5 billion to British and Dutch depositors had little public support given the sum -- $17,273 per person -- and the perception that bankers, not the man on the street, had caused the banking crisis.

On an island of 320,000 residents, those signing the petition represented almost a quarter of the country's voters, the EUobserver said.

Icelandic banks collapsed in October 2008 in the midst of a global financial crisis that brought down some of the world's largest banks. Last week, members of Iceland's parliament approved a law to have the money returned to foreign depositors, but President Olafur Ragnar Grimsson has refused to sign the bill into law.

Magnus Arni Skulason, who helped organize the petition drive, said interest payments on the banks' debt "is like running the National Health Service of Iceland for six months."

© 2010 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Scotland was tricked, 'yes' backers say Scotland was tricked, 'yes' backers say
2
Iraq relying on oil wealth from Basra Iraq relying on oil wealth from Basra
3
Iran could retool pipeline for Pakistan Iran could retool pipeline for Pakistan
4
GM recalls 221,000 Cadillacs and Impalas GM recalls 221,000 Cadillacs and Impalas
5
Greenpeace puts more pressure on LEGO Greenpeace puts more pressure on LEGO
Trending News
Video
x
Feedback