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.
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. The total compensation package equates to about 12,000 Euros ($17,300; £10,800) per Icelandic citizen.
Announcing the decision to hold a referendum on the bill, President Grimsson said that the Icelandic public had the right to choose.

Source: http://peacebytruth.wordpress.com/2010/01/05/iceland-leader-vetoes-bank-...

Looks to me like Iceland is the only true democracy that is left in Europe. They seem to listen to their people who don't want their government to blow billions up the asses of some Banker-Fuckups.