BUSINESS BRIEFING / FINANCIAL CRISIS

TIMES WIRE REPORTS

Iceland's parliament passed a bill to repay Britain and the Netherlands the $5.7 billion borrowed to compensate savers in those countries who lost funds in the collapse of an Icelandic Internet bank last year.

Under the measure, Iceland will repay the money over a nine-year period beginning in 2016. Iceland must settle claims over the failure of the bank before it can receive $4.6 billion in promised bailout funds from the International Monetary Fund and Nordic countries.

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