Awwal 17, 1432 H/Feb 20, 2011, SPA-- Iceland's president Sunday rejected a revised plan to repay compensation to Britain and the Netherlands over the collapse of an Icelandic bank three years ago, saying it should be subject to a new referendum. President Olafur Grimsson's approval of the bill was needed for the deal to win affect after it was approved by parliament last week, dpa reported. A year ago, the president vetoed a former deal, citing concerns from voters and triggering a referendum where voters roundly rejected the terms. The governments of Britain and the Netherlands want Iceland to repay some 5 billion dollars after they initially stepped in to compensate their own citizens who lost money when the Icesave bank, an arm of the Landsbanki bank, collapsed in the autumn of 2008.
