How To Guides
- Childbirth & Education
- Legal Formalities
- Pensions & Benefits
- Property & Accommodation
Did you know...?
... Telefonica are NOT the only service provider of Telephone Lines, Internet Access or Mobile Phones?
Tumbit recommends Telitec Communications. Find out how Telitec Communications can help you here!
- Airports and Airlines Spain
- Paramount Theme Park Murcia Spain
- Corvera International Airport Murcia Spain
- USD weekly currency update- 24 February 2017
- When Expat Eyes Are Smiling
- Meet Wincham at The Homes, Gardens & Lifestyle Show, Calpe
- QROPS 2014
- Spain Increases IHT in Valencia & Murcia
- Removals to Spain v Exports from Spain
- The Charm of Seville
- Gibraltar Relations
- Retiro Park : Madrid
- Wincham announce opening of Marbella office
- Community Insurance in Spain
- Calendar Girls
- Considerations when Insuring your Boat in Spain
- QROPS – HMRC Introduces changes that create havoc in the market place
- QROPS – All Change From April 2012
New Icesave deal with UK and Holland
Iceland said on Sunday it had agreed to a new deal to repay Britain and the Netherlands billions of dollars of deposits lost when the island's banks collapsed in 2008, paving the way for new aid from international lenders.
Iceland passed a law in August to repay money lost in high-interest "Icesave" accounts, but Britain and the Netherlands balked at the terms, holding up aid from the International Monetary Fund (IMF) and other lenders for the island's stricken economy.
Prime Minister Johanna Sigurdardottir said the new deal would have a number of positive effects, including helping Iceland remove currency restrictions - put in place at the height of the crisis - and to ease interest rates.
It should also get international financial aid flowing again.
"I predict the IMF review will take place by the end of the month" Sigurdardottir said at a press conference.
When the bill is passed, Iceland, Britain and the Netherlands will issue a statement about the deal that will also include British and Dutch backing for the IMF review, the government said.
The deal has been accepted by Iceland's cabinet and the two parties in the coalition, and the government said the new bill would go before parliament on October 19.
Iceland's banks collapsed in late 2008 at the height of the credit crunch and its economy has imploded, leaving it dependent on a $10 billion aid package headed by the IMF.
After initial payments, money has been held up by squabbles over the Icesave issue.
Britain and the Netherlands objected to terms in the original law that meant the Icelandic government's repayment guarantee ran out in 2024.
Under the new terms, should the money not be repaid by that date, the repayment period will be extended in five-year blocks.
Britain and the Netherlands have agreed that Iceland can seek a court ruling as to whether its Depositors' and Investors' Guarantee Fund has first claim on whatever is recovered from collapsed bank Landsbanki, whose depositors in Britain and the Netherlands had to be bailed out by the two states.
Latest News & Stories
- Five women killed in four days as gender violence spikes in Spain
- Spain struggles with spike in migrant arrivals at North African exclave
- New Route Manchester - Seville
- How millions of Spanish fans are watching pirated soccer on Facebook Live
- Spain says butane gas-bottle truck theft not terrorist related
- Facebook user faces €30,000 fine for posting video of Spanish policeman
- Hundreds of migrants cross into Spain's Ceuta in second wave in 3 days
- Spain will drop out of the world’s 25 largest economies by 2050
- Brexit Worry as Spain Predict Financial Disaster
- 'That bus has gone' - EU sees no Brexit U-turn now