This target of the demonstrations is the IceSave agreement between Iceland, Netherlands and United Kingdom over repayment of the debts left by the crashed Landsbanki, a major lender to seafood companies worldwide.
Landsbanki was rescued by the state in August 2008, and European savers who had deposited funds in its high-interest, internet-based banking scheme found themselves unable to retrieve their cash.
The IceSave issue has threatened to derail European Union membership, and the mood against joining the EU is becoming stronger.
Iceland's people are furious and the anger continues to grow as they see themselves condemned to foot the bill for the colossal debts run up by the group of privately owned failed banks.
“This
