Frozen Cash

Should Iceland accept the debt-repayment deal? Icelanders must decide to accept or reject a deal made by the government to repay British and Dutch authorities a total of $5.3 billion lost by British and Dutch savers in a failed Icelandic bank called Landsbanki. Unless they accept, Britain and the Netherlands have said they will block Iceland's accession to the EU. However, those opposed argue that the country has huge debts already. The Landsbanki debts amount to over 12,000 euros for every citizen (320,000 citizens) and total debts are approximately 1,000% of GDP so it would take decades to repay. Also, those opposed to the deal insist that Iceland is a democracy (70% oppose the deal) and they have the right to vote so they will on March 6th.