Icelanders Overwhelmingly Reject Icesave Repayment Deal

Filed under: Market Matters, Politics, Financial Crisis

The sequence of events in Iceland goes something like this. First, we have the online arm of Reykjavik Landsbanki, (known as Icesave). During the freewheeling heyday before the world financial meltdown, Iceland offered higher interest rates, which drew investors from all over the world. Some 400,000 British and Dutch investors put their money in Iceland's banks. Iceland's banking system collapsed, bringing down most of its banks, including Icesave.

The British and Dutch depositors were insured through each country's bank deposit guarantee after Icesave collapsed in October 2008 The two governments are now seeking to reclaim the money from Icesave. The amount is 3.9 billion euros.

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Icelanders Overwhelmingly Reject Icesave Repayment Deal originally appeared on BloggingStocks on Sun, 07 Mar 2010 14:10:00 EST. Please see our terms for use of feeds.

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