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Iceland braces for international payment backlash


Amid allegations of bullying and profiteering by bigger nations, angry Icelanders are expected to deliver a resounding slap down this weekend to plans to use taxpayer money to pay off the tiny island nation’s international debts.

Polls suggest that three quarters of Icelanders are expected to vote “no” in a referendum Saturday on a US$5.3 billion deal to compensate Britain and the Netherlands for deposits lost in a collapsed Icelandic bank.
The vote will formalise a public backlash that has become Iceland’s latest stumbling block on the difficult road out of a deep recession, jeopardizing its credit rating, access to much-needed bailout money from the International Monetary Fund and desired entry to the European Union.