From Iceland — Alþingi passes Icesave legislation

Alþingi passes Icesave legislation

Published August 28, 2009

Alþingi voted this morning, passing the Icesave bill that has been subject of heated debate for the past ten weeks. The legislation passed today authorizes the state guarantee, with amendments and preconditions added during previous rounds of discussion, of funds lost by British and Dutch Icesave account holders.
“This is one of the largest financial and economic issues ever faced by Iceland and it has greatly preoccupied the Alþingi and the people since the collapse of the banking system last Autumn. The guarantee of the combined loans from the United Kingdom and the Netherlands constitutes the single largest financial commitment ever undertaken by the Government of Iceland,” Iceland’s Prime Minister Johanna Sigurðardóttir wrote in a press release. “Therefore, as I am sure that every parliamentarian will appreciate, the Icelandic parliament has a solemn duty to ensure an economically sustainable future for the country. This has been its goal. Its conclusion of the matter aims towards securing the recovery of Iceland´s financial system and economy. This is for the mutual benefit of both lender and borrower.”
Thirty-four MP’s voted in favour of the legislation and 14 voted against it, while another 14 abstained and a single MP was absent all together.
The Icelandic government will now engage in talks with the British and Dutch governments regarding the approved Icesave bill and the amendments that were made thereto.

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