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Icelandic government set date for referendum

The Icelandic government has now set a date for a referendum which will give the Iceland population the opportunity to vote on the proposed compensation package to be paid to the UK and the Netherlands governments. In reality this is the return of a loan financed by the UK and the Netherlands government which will be used, or that was the idea, to repay savers who lost out in the Icelandic banking collapse.

The UK government has already been in contact with the Icelandic authorities to confirm that it will pursue the repayment of the loan in the short term. This could cause a massive political storm for the Icelandic government because the country has been looking to join the EU for some time and any friction with the UK will impact upon this particular move. Many believe that joining the EU is the next stage in the recovery of Iceland and if this particular option was to be taken away there are fears about the state of the economy and the financial sector in particular.

In many ways this is people power expressing a view about the Icelandic government and last year's Icelandic banking collapse. Many still blame the UK government and various comments made at the height of the problem hence the reason why many are unwilling to forgive so easy.

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