IceSave

I see in the news that the Icelandic president has decided not to sign the new IceSave laws and thereby making it compulsory for the government to hold an "election" or "voting" among Icelandic citizens where the public gets to vote if the laws should become laws or not.
The clause in the Icelandic laws, that the president is using, states that the president should sign all new laws to make them valid. Should he not do so the laws will still become valid until public has voted for or against the law. The government has to hold this voting or election as soon as possible. The public's voting is final.
The current president is the only president in the history of Icelandic independence not to sign a law and now he's doing it for the third time. 
The reason the president decided not to sign the law is that he had list of forty thousand names, clos to 20% of voters, urging him to let the nation decide on this issue.

My opinion is that these laws are unnecessary and the Icelandic government should make a statement to the international community saying that Iceland will honor all its obligations including IceSave. Then the government should wait and find out how much the cost will be before making a law, allowing them to pay that. The reason so many people in Iceland are against those laws is that the amount is so high, that if Iceland has to pay the full amount it will bring the nation close to bankruptcy. No one knows at the moment how much money Iceland will have to pay, so the law states the maximum amount. The bankrupt IceSave bank had properties and outstanding loans that will cover most of the IceSave debt. If the situation is favorable, all of the IceSave debt. People are angry and they're afraid that they'll have to pay debts others have created (the largest shareholder in the IceSave bank, Bjorgulfur Thors, was on the list of 500 richest people in UK when I last checked) and the amount of the IceSave is so high that lot of people will vote against it, thinking that that way they'll not have to carry responsibility of other people's actions.
Another reason that this IceSave is such a big issue is that the UK and NL governments are close to elections and are hunting for votes. Therefore they paid the IceSave customers more than they should have by law. Then they tried to get the Icelandic government to pay them back, And wanted to charge interest that is much higher than they are paying for borrowing that money.