Last week, the country's third largest bank was nationalised. This week, the government dismissed the board of directors of Landsbanki, its second-largest bank, and put it into receivership. On Monday, the Prime Minister, Geir Haarde, warned its citizens the country faces bankruptcy.
Iceland, with a population the size of Bristol, is rated by the UN as the most developed society on earth. But it now faces less welcome distinction as the country worst exposed to the credit crunch, with banking debts several times bigger than its economy.
Iceland: dancing on the brink of bankruptcy
On Tuesday, lists of names were nailed to wooden boards outside the gates of the Omid...
President Donald Trump joked about the 1941 bombing of Pearl Harbor during a meeting with Japanese...
For over a year, Israel, Washington and even Lebanon’s government have been speaking as if Hezbollah...
Ongoing diplomatic efforts involving Ukraine, the US and Russia have been temporarily put on hold as...
