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"With only days left until the scheduled vote on the fate of the Icesave proposal, no one knows if it will actually go ahead" (Photo: European Commission)

Icesave vote a threat to global finance?

The people of Iceland face the prospect of a referendum on the deal their government cut with the UK and the Netherlands in the wake of the Icesave collapse. Even though the deal is out of date. More favourable repayment terms have already been offered than those in the bill that may or may not be put to the ballot.

Many commentators think it could constitute a threat to the entire global financial system if people are allowed to vote their way out of massive debt.

A notice hang...

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Author Bio

Ragnhildur Sverrisdóttir is Icelandic journalist and her article first appeared in the Nordic Council of Ministers' newsletter "Analys Norden". All views expressed are those of the author. Translation by Tam McTurk.

"With only days left until the scheduled vote on the fate of the Icesave proposal, no one knows if it will actually go ahead" (Photo: European Commission)

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Author Bio

Ragnhildur Sverrisdóttir is Icelandic journalist and her article first appeared in the Nordic Council of Ministers' newsletter "Analys Norden". All views expressed are those of the author. Translation by Tam McTurk.

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