Olafur Ragnar Grimsson, the President of Iceland, today signed off on the so called Icesave deal which parliament passed last week accepting responsibility for paying British and Dutch customers of the failed Icesave internet bank.
The President said he signed the bill because of parliament’s changes and conditions designed to lessen the impact on the nation and allow the beginning of economic recovery.
The President said that as the bill was amended and submitted jointly by four political parties and then passed by parliament after its three official readings, it is fair to say a national political consensus has been reached.
He recognised, however, the controversy still surrounding the issue, including the large public petition urging the President to send the law to a referendum; but said that a speedy solution and a concentration on the future is important in reviving Iceland’s labour market and financial system.
The final stage is for the British and Dutch authorities to accept Iceland’s terms and conditions on its repayment. There have been positive intonations from all sides, but nothing can be known until the two foreign governments formally sit down and study Iceland’s proposal.