Voters in Iceland have rejected a plan to pay $5.3 billion to Britain and the Netherlands to reimburse customers of a failed Icelandic internet bank. Ninety-three percent of Icelandic voters opposed spending the money. The $5.3 billion owed represents more than 40 percent of Iceland’s gross domestic product. Britain has warned Iceland that it risks becoming an international pariah if it does not pay the money back, and the IMF is delaying a bailout package for Iceland. But Icelandic voters overwhelmingly rejected the threats from the international community.

Smar McCarthy, Icelandic voter: “I think that what’s happened is that people have said that they are not willing to accept being put into any sort of debt slavery. People want to have a fair and equitable result from this entire crisis.”