The Iceland Parliament passed legislation to pay back the U.K. and the Netherlands money lost in the Icesave high interest deposits.

Icelanders think differently. Not surprising since they will foot the bill for $5 billion dollars. For some background, see Iceland Freezes Over on some details of their economic implosion.

Earlier this week parliament approved the amended bill to reimburse Britain and the Netherlands for the amount, which was lost by savers in both countries in 2008 who deposited funds in high-interest "Icesave" online savings accounts.

But the president has yet to sign the bill into law and 56,089 people, who represent 23 percent of the island nation's electorate, have signed the petition, the organizers said.