30-Mar-2016: Liquidators' Update, see Deloitte site

British, Dutch propose new Icesave deal

REUTERS: The Netherlands and Britain are proposing a new debt repayment deal with Iceland which may save the island nation holding a politically risky referendum on the Icesave crisis, a source said Friday.

Speaking on condition of anonymity, the source familiar with the situation said the offer's main feature is a floating interest rate designed to ease Iceland's burden as it repays $5 billion (3.24 billion pounds) to the two European Union countries.

The offer maintains other elements of a deal the three sides agreed in October, including full debt repayment and a 7-year grace period, the source told Reuters.

The source described it as "an offer they can't refuse," specifically designed to address the Icelandic government's primary concerns about the existing arrangement while guaranteeing a reasonable rate of interest for its creditors. Yahoo! UK & Ireland News website - 19-Feb-10.