Icesave crunch time approaches

icesave1-03923942As Iceland’s Althingi parliament continues its second reading of the latest Icesave bill this evening, the Netherlands and the UK have the right to rip up the agreement at midnight if Althingi has not approved the bill by then. There is no indication that they will, however. Meanwhile, international ratings agencies stand by, ready to reduce Iceland’s credit rating to junk. The second reading is now in its sixth day and has taken up 60 hours of parliamentary time. Other scheduled bill debates have been sidelined. (UPDATE 22.45, 30 November: The Icesave bill has again been paused and will be debated again on Wednesday)

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