Iceland Minister Confident Icesave Bill Will Pass

COPENHAGEN (Reuters) - Iceland's Economy Minister said on Friday he expects the government to reach a deal with opposition members on its Icesave bill within days, clearing the way for its passage through parliament. The Icesave bill -- which sets the framework for repaying billion of dollars in loans to the Dutch and British governments relating to Iceland's collapsed banks -- has been delayed for weeks by the opposition, angry over the tough repayment terms. "This is something that can't go on forever. It could be a matter of days when the filibustering ends," Gylfi Magnusson told Reuters, adding that he expected the government to reach a deal with opposition parties which would leave the Icesave proposal intact. "The government will have its bill passed," he said, after meeting with Nordic finance ministers in the Danish capital. Reykjavik struck a deal in October with London and Amsterdam to compensate them for bailing out British and Dutch savers who lost more than $5 billion in Landsbanki's high-interest "Icesave" accounts following the collapse of Iceland's banks. Parliament has debated the Icesave bill for weeks and Magnusson said on Friday that the process was moving forward at a "glacial pace." Agreement with the UK and the Netherlands over repayment helped release hundreds of millions of dollars in aid from the International Monetary Fund and Nordic neighbours -- cash much needed to mitigate the worst effects of the crash on the economy. Should the bill fail to pass parliament, further cash from the $10 billion-plus aid package would be in doubt. Magnusson said the government could force through the bill, but would prefer to get the opposition on board. "The government has a sufficient majority to pass the bill for the Icesave agreement and the state guarantees that go with it," he said. Source:nytimes.com/

 

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