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Iceland's President urged to reject Icesave bill

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Iceland's President urged to reject Icesave bill

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Angry Icelanders are petitioning their president, putting pressure on him not to sign a controversial bill that has divided the North Atlantic island.

Tens of thousands of signatures opposing the so-called Icesave legislation were delivered to his official residence.

They are aimed at convincing President Olafur Ragnar Grimsson to reject a deal under which Reykjavik would have to repay 3.8 billion euros lost by British and Dutch savers when Icelandic banks went under during the financial crisis.

Icesave high-interest online accounts were run by Landsbanki, a leading commercial Icelandic bank, taken over by the government as it collapsed.

President Grimsson has already indicated he will take time to reflect before putting pen to paper.