The Prime Minister has said that the UK plans to sue the Icelandic authorities to recover the cost of its 100% rescue of UK Icesave accounts. Iceland is legally liable for the first £16,000 of compensation.
However, this announcement is quite baldly a typical piece of gesture politics. If Iceland had the money they would not have defaulted on the guarantees. Since they don’t have it, suing them is no more than an expensive waste of even more UK money. Lawyers and barristers will never go hungry when politicians feel the need to make impotent strong-man gestures like this.
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