Grimsson said that while Icelanders were not against compensating Britain and the Netherlands, many considered that the repayment conditions, and especially the high 5.5-percent interest rate agreed upon, were exorbitant.
"The people of Iceland, farmers, fishermen, teachers, nurses, are by and large willing to repay to Britain and the Netherlands what is equal to over 20,000 euros per depositor," Grimsson said.
"But they are not ready to pay a very high interest rate so that the British and Dutch governments would make a huge profit off this whole exercise."