Iceland Voters Express Rage Against Bankers, Overwhelmingly Reject “Compensation” Plan

The New York Times
March 7, 2010

Iceland’s voters expressed their outrage on Saturday against bankers, the government and what they saw as foreign bullying, overwhelmingly rejecting a plan to pay $5.3 billion to Britain and the Netherlands to reimburse customers of a failed Icelandic bank, Sarah Lyall reported in The New York Times.

With about 98 percent of the votes counted Sunday, roughly 93 percent of voters said no to the plan, in the first public referendum ever held on any subject in Iceland. Less than 2 percent voted yes, and the rest of the votes were invalid.

But the referendum was more symbolic than substantive, and the Icelandic government hastened to make clear that Iceland would still pay back the money, albeit on different terms from the ones rejected.

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