REYKJAVIK, Feb 9 (Reuters) – Iceland has recruited an American lawyer to lead potential new talks with the British and Dutch governments over the repayment of more than $5 billion lost in Icelandic bank accounts during the financial crisis.

Icelandic Finance Minister Steingrimur Sigfusson told state radio on Tuesday that the government and political opposition had agreed on the focus of any new round of negotiations on the so-called Icesave agreement with Britain and the Netherlands.

“The next step is to contact the other side and ask for formal talks,” Sigfusson said.

Britain and the Netherlands have already compensated savers in their countries for the lost money and now want their money back.

Iceland is attempting to persuade the two EU countries to return to the table so it can avoid a March referendum on the issue. Opinion polls indicate that at least 60 percent of voters will vote against the legislation.

Iceland’s parliament passed the Icesave bill setting out repayment terms in December, but the president refused to sign it, triggering the March vote.

Many Icelanders are angry over the terms of the repayment and blame the financial fallout on poor judgement by international financial regulators.

If Icelanders reject the bill, the whole Icesave issue would be sent back to square one, causing further delays to much-needed aid which the country needs to get back on a normal footing.

Already, the Icesave issue has been debated for over a year in parliament, causing deep divisions in the country and serving as a major obstacle to the island’s recovery from recession.

Sigfusson said Lee Buchheit, of the New York-based office of Cleary Gottlieb Steen & Hamilton, would lead the Icelandic team in any such talks, should the two EU countries agree to meet and discuss the terms of a repayment again.

Last month, leaders from Iceland met Dutch and British ministers to discuss Icesave, but the talks ended with no sign of progress.