Iceland's President Olafur Ragnar Grimsson is not yet willing to sign the bill committing the country to repaying the money lost by savers when the internet bank Icesave fell.

Great Britain and the Netherlands advanced over 3.5 billion euros to compensate savers when the bank failed in October 2008. The present bill would mean Iceland would pay the money back by 2024.

Iceland's parliament voted the bill through by a narrow majority on Wednesday evening but it remains deeply unpopular with the population. The president says he needs more time to consider what he calls the controversial deal.

Via a website, 43,000 Icelanders are calling on Mr Grimsson not to sign the bill into law, and are demanding a referendum on the issue. Opinion polls indicate that 70 percent of the population is against the repayment deal.

photo: Flickr / Siffa Guany