President OlafurRagnarGrimsson and Iceland's Parliament had agreed to a repayment plan drawn up as what the press their calls the Icesave law, named for the high-interest accounts at the heart of the mess.
"This so-called social media has transformed our democratic institutions in such a way that what takes place in the more traditional institutions of power -- congress, ministries, even the White House or the presidency and the cabinet in my country -- has become almost a sideshow, " OlafurRagnarGrimsson, Iceland's president, said in an interview with CNN on Thursday at the PopTech conference here in coastal Maine.