Iceland will hold a referendum on 6 March to decide whether to repay debts owed to the UK and Netherlands from the collapse of Icesave bank.
A bill to repay the £3.3bn debt was narrowly passed in December, but vetoed by President Olaf Ragnar Grimsson after approximately 60,000 people, almost a quarter of the electorate, signed a petition protesting against the bill and calling for a referendum on the issue.
Both the British and Dutch governments have expressed anger at Grimsson's decision to submit the bill to a vote, and warn it will impact their support for Iceland's ambitions to join the European Union.
When the bank collapsed in October 2008, approximately 320,000 British and Dutch savers lost money.
‘Gareth Southgate Wealth Management’
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