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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. The legislation

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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. The legislation

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BBC Brussels correspondent Dominic Hughes said the longer-term impacts of the decision could be significant for both political and economic reasons. "It's seen as a blow to the country's hopes of a quick entry to the European Union,"

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"Uncertainty... in the formal dealings with others countries can have unforeseen, wide-ranging and potentially damaging consequences for our society," warned Johanna Sigurdardottir, Iceland's Prime Minister. The Treasury's City Minister,

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On Saturday, the president received a petition calling for the bill to be vetoed, signed by almost a quarter of the country's population. Campaigners against the bill say that the Icelandic public are being forced to pay for the mistakes of banks.