Iceland's resistance on Icesave money backed by court

28/01/2013 14:30
 
 
REYKJAVIK | Mon Jan 28, 2013 2:13pm GMT

(Reuters) - Iceland was right to refuse to repay billions of euros to Britain and the Netherlands for bailing out depositors in a failed Icelandic bank, a European court ruled on Monday.

After the collapse four years ago of Iceland's top lenders during the credit crunch, the British and Dutch governments stepped in to repay savers in the online "Icesave" account run by Landsbanki and wanted Iceland to pay them back directly.

 

Iceland did not comply, triggering a row between the governments and potentially complicating the island's bid to join the European Union.

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