Topic - Icesave

The Icesave dispute is a diplomatic dispute that began in 2008 between Iceland on one hand and the United Kingdom and the Netherlands on the other. The dispute is centered on the retail creditors of the Icelandic bank Landsbanki, which offered online savings accounts under the "Icesave" brand. The bank was placed into receivership by the Icelandic Financial Supervisory Authority (FME) on 7 October 2008. As a result, more than 400,000 depositors with Icesave accounts in the UK and the Netherlands were unable to access their money for at least 6 to 8 weeks, while waiting for payout from the Deposit Guarantee Schemes in these countries. Much of the public controversy arose around the UK's use of the "anti-terrorism legislation" against Iceland. - Source: Wikipedia

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  • ** FILE ** A customer leaves a branch of the Landsbanki in Reykjavik, Iceland, in October 2008. Icelanders voted on Saturday, April 9, 2011, in a referendum to determine whether the nation will repay Britain and the Netherlands in full for compensating their citizens who had deposits in the failed online bank Icesave, which was owned by Landsbanki. (AP Photo/Arni Torfason, File)

    Iceland rejects debt deal to repay U.K., Netherlands

    Voters in Iceland rejected a government-backed deal to repay Britain and the Netherlands for their citizens' $5 billion worth of deposits in a failed online bank, referendum results showed Sunday — sending the dispute to an international court and plunging the economically fragile country into new uncertainty.

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