The Icelandic Finance Minister mentioned that his government is not going to be subject toa default in spite of being downgraded by Fitch and S&P and after the rejection of the President Grimsson's depositor bill.

Iceland was downgraded by Fitch to BB+ and to BBB- by S&P after the failure of the bill that was rejected by Grimsson which received a petition from near 20% of the Icelandic natives to refuse the legislation. The island has been suffering tremendously from the financial crisis which severely impacted the country's financial system. Iceland is depending on rescue program from the IMF which will provide $2.1 billion loan in addition to another $2.5 billion loan from Nordic countries.