Olafur Ragnar Grimsson, the President of Iceland, intends to take his time to carefully go over the details of the Icesave Bill which parliament approved yesterday.
Grimsson said he cannot yet say how long his decision will take; but did say he intends to meet with key players in the near future, including members of the InDefence group.
The InDefence group has set up an online petition asking the President to veto the law and send it to a national referendum. 46,000 people have signed so far.
Only one Icelandic president has ever vetoed a law, which makes the Icesave Bill appear likely to pass into law. However, the petition will have a strong influence on the President’s decision and Olafur Ragnar Grimsson is the very same president who famously used his veto right once before.
Polls indicate that the Bill would be rejected in the event of a national referendum.