Iceland's President Refuses to Pay Back $5B Loan

Wednesday, January 06, 2010

Iceland's president, Olafur R. Grimsson, says Iceland will not pay back a $5 billion dollar loan from the governments of Britain and the Netherlands. Iceland accepted the funds last year, after one of the nation's largest banks collapsed. The people of Iceland will now vote in a referendum on whether or not to pay back the money. Meanwhile, an angry Britain says Iceland had better stick to its committments to repay the loan. For more on what this means for Iceland and its creditors, we talk to Ingo Sigfusson, a reporter with RUV, Iceland's national broadcasting service.

Guests:

Ingo Sigfusson

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