For the second time, Icelanders are today voting in a national referendum on whether to approve or deny a new deal aiming to pay back the British and Dutch governments for the money they spent bailing out customers of Landsbanki’s failed Icesave savings accounts.
This third version of the Icesave deal was passed by the Althingi parliament with a significant majority; however, President Olafur Ragnar Grimsson felt the bill was controversial enough to use his power to send law to a national referendum. Grimsson is the first president to have ever used this power; something he has now done three times.
Unlike the previous two deals (the second of which was also presented to the public in a referendum), there is little suggestion of taking Icesave back to the negotiating table. The deal on offer today is widely regarded to be the best possible mutually negotiated trilateral deal Iceland could hope for.
People voting ‘no’ today do so for a variety of reasons; one of which is the hope that the case will be pushed before the EFTA and/or Icelandic courts and that the sovereign guarantee will be nullified entirely, thereby cancelling the ‘debt’. Those voting ‘yes’ argue that all options are expensive — even saying no and the risk of losing in court and having to pay back instantly at market interest rates is dangerously high. They argue that accepting the deal is affordable and is the best option for Iceland’s reputation, creditworthiness and economic recovery.
Polls had shown a consistent desire to pass the deal today, but over recent weeks the ‘no’ camp has gained a lot of ground and very recent polls suggest the repayment deal will be cancelled by a small margin.
IceNews will cover the results as they come in this evening. Polling closes at 22.00 GMT.
>I’d love for it to be a no, as it’ll cripple their chances in joining the EU.
Because we will be asked in referendum about EU member ship as well, the answer to that will be No regardless of IceSave III referendum.
Icelandic people dont want to join the EU. If you do bother you will realize that it is not a club that majority do want any thing closer to do with than now as member of the EEA.
I can tell you that it is more likely that UK will leave EU to join EFTA ( which UK did found ) than for Iceland to leave EFTA to join EU.
I hope they vote NO too :-)
Europe does not need their Banking/Finance culture in Europe.
Else we all have to withdraw all our money and hide it in our big mattresses :-) It will be safer there.
Or the bullion price will rocket, we will all have to buy gold.
Iceland please safe us all the trouble and please vote NO.
To the “Portugese guy” and “Randy”,
The days of living a rich life with other people’s funds are over.
I doubt anyone will invest in Iceland or Portugal ever again.
There is a good possibility of one big Portuguese Bank going bankrupt soon, all investors I know are scrambling faster than the RAF to withdraw all their money.
China offered to bail Portugal out some time ago, I would have loved that one. I would love to see the Portugese working in factories with the Chinese overseing them.
To Portugal and Iceland with Love :-)
Time to throw the life boats – I think we are sinking … :-)
To the “Portugese guy”,
Yes, cheers to Portugal for Portugal is near bankruptcy.
Your days of also living beyond your means is also over.
There is a huge run to withdraw all money from the Portugese banks.
I have been waiting for this day for a long time ago :-)
Cheers to Portugal once and for all!
Pull the plug and sink!
I’d love for it to be a no, as it’ll cripple their chances in joining the EU.
DEMOCRACY BLESS ICELAND ! it’s amazing the way poverty resists !!
All europeans have pride of YOU!
Cheers from Portugal***
Will Icelanders give up their freedom and money for the bankers that stole from the UK and Holland? Do you really believe that governments tell you the truth? A nation with only 350k people paying off a 4 billion debt? That is how to attain slavery by vote.