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Activists try to scupper Iceland compensation deal

The president of Iceland will this weekend try to head off a potentially embarrassing situation with a strong activist group looking to scupper this week's agreement to compensate British and Dutch savers caught up in the Icelandic financial collapse. The £3.4 billion deal will see the vast majority of the funds returned to governments in Britain and Holland, who were forced to pay out compensation before the Icelandic deal was confirmed. So what will happen next?

There are many problems for the Icelandic government to consider, none more so than the ongoing discussions with the International Monetary Fund which has agreed to bail out the Icelandic government. However, part of the deal centres upon compensation for savers caught up in the financial collapse and if this week's deal is vetoed then we could see serious repercussions for the Icelandic government and Icelandic economy. It will also be embarrassing for the UK and the Dutch authorities who have been forced to bail out savers so far.

As it happens the vote in parliament this week was very close and could literally have gone either way at the very end. However, the next few days will be vital to the short-term prosperity of the Icelandic economy.

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