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

    Lost childhoods: Nigeria's fear of 'witchcraft' ruins young lives

    Lost childhoods: Nigeria's fear of 'witchcraft' ruins young lives

    Many Pentecostal churches in the Niger Delta offer to deliver people from witchcraft and possession - albeit for a fee.

    The priceless racism of the Duke of Edinburgh

    The priceless racism of the Duke of Edinburgh

    Prince Philip has done the world an extraordinary service by exposing the racist hypocrisy of "Western civilisation".

    Why a hipster, vegan, green tech economy is not sustainable

    Why a hipster, vegan, green tech economy is not sustainable

    Improving eco-efficiency within a capitalist growth-oriented system will not save the environment.