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Alistair Darling puts pressure on Icelandic authorities

Alistair Darling has entered the fray regarding the Icelandic banking collapse compensation scheme which was ratified by the Icelandic parliament but has been held up by howls of protest from Icelandic taxpayers. Indeed the president of Iceland has been forced to attend a number of meetings with activists who are dismayed at the fact the compensation scheme is costing each and every member of the Icelandic population around £11,000.

Many in Iceland believe that taxpayers are being left to foot the bill for the incompetence of politicians, regulators and the ever growing impact of the credit crunch. Indeed, as we covered yesterday, Alistair Darling is not a favourite amongst the Icelandic population after his comments last year were seen by many as the catalyst for a collapse in the currency. However, there is more to this compensation scheme than just the £3.4 billion at stake!

Alistair Darling has indirectly hinted that the Icelandic economy, its position in the worldwide market and indeed Iceland's attempt to join the EU could be impacted by a continuing reluctance to sign off the compensation scheme. It seems almost inevitable that the Icelandic authorities will at some stage be forced to hand over the money to the UK government and the Dutch government, both of which had to pay out significant amounts of compensation to savers impacted by the Icelandic banking collapse.

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