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About: 2010 Icelandic loan guarantees referendum     Goto   Sponge   NotDistinct   Permalink

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The 2010 Icelandic loan guarantees referendum, also known as the Icesave referendum (Icelandic: Þjóðaratkvæðagreiðsla um Icesave), was held in Iceland on 6 March 2010. The referendum was held to approve the terms of a state guarantee on the obligation of the Depositors' and Investors' Guarantee Fund (Tryggingarsjóður innstæðueigenda og fjárfesta), in particular a €3.8 billion loan (€11,964 per person) from the governments of the United Kingdom and the Netherlands to cover deposit insurance obligations in those countries. The referendum was held under article 26 of the Constitution of Iceland after President Ólafur Ragnar Grímsson refused to counter-sign the corresponding Act of Parliament (known as the second Icesave bill) into law on 5 January 2010. The proposal was resoundingly defeated,