"Iceland leader vetoes bank repayments bill"

"Iceland's president has refused to sign a controversial bill to repay $5bn (£3.1bn) to the UK and the Netherlands.
President Olafur Ragnar Grimsson said he would instead hold a referendum on the bill, following public protests.
The legislation was designed to compensate governments forced to bail out their savers with Icesave accounts following Iceland's banking collapse." - BBC News website

I suppose this is the money our so-called hard up councils had invested... anyway the article goes on to say that if Iceland doesn't resolve this issue they will have zero credibility in the financial world bearing in mind they had to borrow billions from the IMF... and the knock on effect will be little chance of joining the EU.

Looks like Iceland is f*cked.