Iceland says Icesave dispute to be solved in court

REYKJAVIK (Reuters) – Iceland’s finance minister said on Sunday a dispute with Britain and the Netherlands over repaying debts would take at least a year to solve in court.

“My estimate is that the process will take a year, a year and a half at least,” Finance Minister Steingrimur Sigfusson told a news conference.

Icelanders rejected in a referendum a plan to repay $5 billion to Britain and the Netherlands after the countries reimbursed savers who lost deposits in “Icesave” accounts operated by an Icelandic bank that collapsed in 2008.

Iceland says Icesave dispute to be solved in court