Iceland bank failure may cost UK Treasury $1.3 bn

The British government has set aside 800 million pounds ($1.3 billion) for British savers who lost their money when Icelandic-owned Internet bank Icesave collapsed last month, the Treasury announced Thursday.

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If Iceland's Althingi parliament does not pass the bill confirming the state's overall responsibility for dealing with the Netherlands and the UK's Icesave claims, the entire country's economy would be put on a war footing.

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