REYKJAVIK, Iceland, Oct. 11 (UPI) --
Officials from the British Treasury and their Icelandic counterparts began talks Friday on rescuing some of the money from Britain invested in banks in Iceland.
Icelandic Prime Minister Geir Haarde tried to reassure the British, The Scotsman reported.
We will honor our obligations, he said. We need some support from the UK authorities in order to be able to do that in a proper way.
Prime Minister Gordon Brown has blasted Iceland for allowing its... Read Full Story
Daily Mail 8th October 2008 More than 200,000 Britons fear losing their life savings after the collapse of an Icelandic bank. They were left with lukewarm reassurance last night that their £4.5billion deposited in Icesave - equal to about £22,500 for each customer - will ever be returned. Icesave was owned by Landsbanki, Iceland's second biggest bank, which went into receivership yesterday. Enlarge The message on the Icesave website this morning stating that customers were no longer able... Read Full Story
Iceland's central bank has increased interest rates by a massive 6 percentage points to 18pc, just two weeks after it had eased policy to soften the impact of the country's financial meltdown. More . Iceland's prime minister Geir Haarde is confident that financial aid will arrive from other Nordic states. Kreppanomics : a report in The Economist on the financial crisis in Iceland. Read Full Story
by Svanborg Sigmarsdottir REYKJAVIK (AFP) -- Iceland jacked up its key interest rate to 18 percent and said it was seeking help from the European Central Bank and the US Federal Reserve in twin moves Tuesday to stave off national bankruptcy. "Iceland's central bank sent a request to the ECB, the Fed and the Nordic banks on Friday," Icelandic Prime Minister Geir Haarde told reporters in Helsinki where Nordic leaders were meeting. Haarde said Iceland had not yet received replies to its... Read Full Story
by Eric deCarbonnel eNews reports on IIceland after its financial collapse: (emphasis mine) Icelanders in shock after financial crisis By eNews 2.0 Staff 15:22, November 18th 2008 Karlheinz Bellmann went to Iceland to find out what had happened to his savings of 110,000 euros (138,000 dollars), missing since the collapse of the country's Kaupthing Bank. Four days later, on his way back to Germany, the father of four had other matters on his mind: "What can one do to help the people here... Read Full Story
Daily Mail 12th October 2008 Sir Philip Green has flown to Iceland to discuss his possible investment in the beleaguered retail group Baugur. The Icelandic firm has seen its assets frozen following the banking crisis which swept the Nordic country this week, with banks being nationalised in a bid to stop the financial system collapsing. Baugur owns a host of famous British high street brands, including House of Fraser, Hamleys, Oasis, Karen Millen, Warehouse, Principles and the Iceland... Read Full Story
The Argosy reports about Iceland's frozen economy: (emphasis mine) Iceland's frozen economy How Iceland entered an economic freefall, and why Britain labeled it a terrorist nation By Tom Llewellin “Iceland is bankrupt,” proclaimed Arsaell Valfells, a University of Iceland professor, in October. At that point, the tiny Nordic nation of 300,000 had already been under heavy strain, with its stock market shut down, its largest bank being nationalized, and the value of the Icelandic krona... Read Full Story
REYKJAVIK, Iceland, Nov. 2 (UPI) --
Icelandic officials say Britain has made their dire financial situation even worse by using antiterrorism laws to freeze British assets in its banks.
Already facing an economic meltdown with faltering banks and a greatly devalued currency, Icelandic officials say Prime Minister Gordon Brown's move to lump the country in with terrorist states -- freezing British assets of one failed bank and seizing the assets of another -- have set the country back... Read Full Story
by Eric deCarbonnel Bloomberg reports that Icelanders take to streets to protest policy makers' failures: (emphasis mine) Icelanders Take to Streets to Protest Policy Makers' Failures By Helga Kristin Einarsdottir and Tasneem Brogger Nov. 15 (Bloomberg) -- Icelanders demanding the resignation of Prime Minister Geir Haarde and central bank governor David Oddsson marched to the parliament today to protest the leaders they hold responsible for the collapse of the nation's economy. About 6,000... Read Full Story
Iceland is a country with a temperate climate that belies its forbidding name. Its population of little more that 300,000 is about one seventh of the population of Brooklyn. There is a sense of fraternity in such a small population that can only be imagined by citizens of larger countries. Years ago I read an article about capital punishment that described an Icelander who was convicted of murder and dined with the judge at his home upon his release. This is not a country given to gratuitous... Read Full Story
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