Sun | Mar 29, 2020

Iceland President refuses to sign bill

Published:Tuesday | January 5, 2010 | 1:15 PM

Iceland\'s President has refused to sign a controversial bill to repay $5 billion to the UK and the Netherlands.

President Olafur Ragnar Grimsson said he will instead hold a referendum on the bill, following public protests.

The legislation was designed to compensate governments forced to bail out their savers with Icesave accounts following Iceland\'s banking crisis.

Landsbanki, which ran the Icesave accounts, collapsed and was nationalized in 2008.

Legislation to repay the money was approved by Iceland\'s parliament in December, but the approval of the President is also required before it can be passed into law.