Third and final Icesave debate begins

icesave1-03923944The Icesave bill began its third and final debate in Iceland’s Althingi parliament today but it is not yet clear when a final vote will be cast; as there are still many MPs on waiting on the list to speak.

All parties agree that accepting Icelandic sovereign responsibility for failed Icesave accounts in the UK will be very expensive; but the government coalition feels it is still the best option.

The cost to Iceland will likely be EUR 75 million in 2016 and increase each year before peaking at EUR 404 million in 2021.

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