Iceland’s president vetoes $5.5 billion repayment

reykjavik

Olafur Ragnar Grimsson, Iceland's president, has vetoed a bill that sought to repay billions of dollars to British and Dutch savers after being petitioned by a quarter of the island's electorate to do so.

The bill, passed by the Icelandic parliament by a slim majority at the end of December, would have seen the country repay about $5.5 billion to foreign savers with accounts in Landsbanki and Kaupthing, two of the island's biggest banks, which collapsed in October 2008. Icelanders have already b

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