Iceland has won a legal battle over its reponsibilities to British and Dutch savers who lost money when an online savings bank collapsed.
The European Free Trade Association court said Iceland did not have to guarantee minimum levels of compensation when Icesave went bust.
Jóhanna Sigurdardóttir, the country’s prime minister said: “It is quite clear that this judgement will add force to the economic rebuilding in Iceland. Possibly the ratings agencies will revise their results. This will also have a positive influence on the lifting of capital controls.”
The EFTA surveillance authority argued Iceland had a duty under EU law to guarantee a minimum compensation within a time limit to foreign savers.
The ruling may scupper attempts by the British and Dutch governments to claw back money from the Icelandic government.
Both countries ended up stumping up the cash to compensate their citizens.
The ruling by judges in Luxembourg cannot be appealed.
- 1EU chief Juncker pleads with Greeks to defy their government and vote for EU aid package
- 2Tsipras says creditors trying to “blackmail” Athens
- 3Greece stands close to eurozone exit ahead of austerity referendum
- 4Eurogroup again fails to reach agreement
- 5Dirty business: mafia’s toxic waste crimes spread across Europe
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Spain’s first case of diphtheria in 30 years: parents of six-year-old ‘oppose vaccines’
- 3[Live updates] NGO flotilla bids to break Israeli blockade of Gaza
- 4Greek debt crisis is “absolute supremacy of capital over humans”
- 5[LIVE UPDATES] Greek debt deadline looms
- 6[LIVE UPDATES] France: man decapitated, several wounded in chemical plant attack
- 7Israel prepares to repel boarders as ‘Freedom Flotilla 3’ tries to run Gaza blockade
- 8Large Hadron Collider ready to embark on an unprecedented voyage of discovery
- 9Istanbul Gay pride quashed by riot police, rubber bullets and water cannon
- 10NewsWires : euronews : the latest international news as video on demand
- 11Greek debt summit – Live updates
- 12‘Distractingly sexy’ scientists hit back in lab chemistry polemic
- 13Romania, Hungary and Bulgaria focus of EU cash fraud probes
- 14Interpol issues ‘red notice’ for accused ex-FIFA bosses
- 15Summit up in Brussels as Greek proposals give food for thought and rumours fly
- 16Battle of Waterloo, live-tweeting 200 years on
- 17Greek PM faces day of crucial bailout talks in Brussels
- 18Citizens take power in Spain’s largest cities as a political revolution sweeps the country
- 19Italy discovers biggest illegal waste dump in Europe
- 20Greek banks, stock exchange will not open on Monday, Tsipras announces