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
Colonel Oleksandr Dovgach, commander of the 39th Tactical Aviation Brigade and a Hero of Ukraine, was...
Israeli settlers shot and killed three Palestinians in the occupied West Bank over the weekend, amid...
A Maronite parish priest, Father Pierre Al-Rai, was killed and at least five people were injured...
Corpses lie in the streets of Mariupol. Hungry people break into stores in search of food...
