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.

"It is the job of the president of Iceland to make sure the nation's will is answered," he said.  "I have decided... to take the new law to the nation. The referendum will take place as quickly as possible."  5-Jan-10

http://news.bbc.co.uk/1/hi/business/8441312.stm