The President of the small North Atlantic country, Olafur Ragnar Grimsson, has vetoed a bill designed to satisfy the blood-sucking international financial institutions such as the IMF and the EU by using taxpayers' money to pay debts acquired by a now nationalized private bank, owed to mostly Dutch and British citizens.
If the bill would be approved, each Icelander would have to pay 12,000 euros on average, for debts they did not generate. I'm not sure how are salaries in Iceland but here it would amount to a full year salary for the typical low wage worker.
In exchange they would get a roughly 10 billion dollar loan. So in exchange of paying more than 5 billion dollars, they'd get a loan that would further indebt the nation. It looks like a total neocolonial scam of the ones the infamous IMF usually organizes.
President Grimsson has yielded to a civic campaign that demands a referendum on the matter. If the bill goes to referendum it is very likely it will be rejected. Logically normal citizens see absolutely no point nor logic on assuming the debt generated by private capitalists.