Although a referendum on the Icesave law has been scheduled, it is still possible for parliament for cancel it at a moment’s notice, even after it has begun, should British and Dutch authorities express interest in re-negotiation.
The referendum is due to take place on 6 March for those living in Iceland, and will begin on 28 January for those Icelanders not living in the country. However, should British and Dutch authorities communicate that they want to re-negotiate terms, parliament could cancel the referendum – even after 28 January – by simply withdrawing the law.
Legal experts that Vísir spoke to said this would be in complete harmony with the law. The Ministry of Justice took this possibility into account when setting the date for the referendum.
The referendum is expected to cost about 200 million ISK to execute. If the Icesave law is defeated by popular vote, new negotiations with British and Dutch authorities will have to be made anyway, after a new law is drafted.