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Icelanders protest bank repayment scheme

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Icelanders protest bank repayment scheme


Hundreds of Icelanders descended on parliament in Reykjavik, to protest plans to repay funds lost by Britain and the Netherlands when Iceland’s banks collapsed last year. The plan, called Icesave after a failed internet banking operation, would reimburse Britain and the Netherlands after they compensated savers who lost their money. But the protesters believe the plan is unfair.

“This is not the nation’s problem, but the fault of a private bank,” said author Einar Gudmansson. “We believe the government wants to remove the problem from the bank and shift it onto us and our children. We can’t accept that.” Icesave was an on-line bank owned by the now-failed Landsbanki group. About 300,000 Britons and others in the Netherlands had money in its accounts. The bill now in parliament could leave Icelandic taxpayers footing much of the repayment cost and is widely unpopular with both politicians and the public.

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