Iceland's debt debate

Referendum underway on repaying $5.3bn to the UK and the Netherlands.

    " /> ">

    When the banks collapsed in 2008 in Iceland, the savings of more than 300,000 British and Dutch customers of the online Icesave bank were lost.

    Britain and the Netherlands compensated their savers and they now want Iceland to reimburse them.

    The issue is not so much whether Iceland will pay, but how much and on what terms.

    The plan to pay back caused a public outcry because the proposed plan would see the taxpayers pay out an amount that is almost a third of their country's GDP.

    A referendum is underway to decide the fate of Iceland's debt plans. 

    Jonah Hull reports from Reykjavik, Iceland.

    SOURCE: Al Jazeera


    YOU MIGHT ALSO LIKE

    Venezuela in default: What next?

    Venezuela in default: What next?

    As the oil-rich country fails to pay its debt, we examine what happens next and what it means for its people.

    The Muslims of South Korea

    The Muslims of South Korea

    The number of Muslims in South Korea is estimated to be around 100,000, including foreigners.

    What is Mohammed bin Salman's next move?

    What is Mohammed bin Salman's next move?

    There are reports Saudi Arabia is demanding money from the senior officials it recently arrested.