The 2008 banking crisis is one of a series of events that has prompted people in Iceland to ask for their consititution to be rewritten.
With two thirds of votes counted, 66 percent had already opted for a rewrite. Turnout was 49 percent of the island’s 235 thousand eligible voters.
The collapse of Iceland’s heavily-indebted banks led to demands for change after accusations of cronyism between the business and political elites.
Issues like the control of the country’s natural resources and fishing industry have also contributed to calls for a redraft.
The referendum is non-binding but backers of change hope politicians in what is known as the world’s oldest parliamentary democracy will find it hard to ignore.