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Iceland moves to contain economic turmoil
  #1  
Old 10.07.2008
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Checkbox Green Iceland moves to contain economic turmoil
Quote:
(CNN) -- Iceland seized control of its second largest bank Tuesday while UK bank shares fell sharply amid rescue rumors and EU leaders scrambled to shore up confidence and prevent market meltdown.The Icelandic Financial Supervisory Authority said it had taken over Landsbanki a day after the country adopted sweeping controls over its crisis-stricken banking sector. The country, home to 300,000 people, has also negotiated a €4 billion ($5.4 billion) loan from Russia to ward off national bankruptcy caused by the huge debts taken on by its banks in overseas expansion, the central bank said. Reports quoting Russian officials denied the loan..
Read More Here >> CNN



WiseOne's Comments, wow...must be pretty bad if Russia denied them a loan! I guess this economic turmoil truly is worldwide now.
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Old 10.07.2008
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Well, the Russian stock market has seen a very dramatic loss yesterday (I think it was the worst) . I guess they are playing on the safe side, which is probably a sound move at this point.
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Old 10.07.2008
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Clock Iceland teeters on the brink of bankruptcy
Quote:
REYKJAVIK, Iceland - This volcanic island near the Arctic Circle is on the brink of becoming the first "national bankruptcy" of the global financial meltdown.
Read More Here >> Yahoo News



WiseOne's Comments, wow, I really don't see how a WHOLE country can go bankrupt, but I'm not an economist...
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