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
The Israeli military began a ground offensive in Gaza City, the Israel Defense Forces said on...
The sheer scale of it was boggling. A total of 69 artists, speakers and activists were...
Israel’s culture minister, Miki Zohar, has announced that funding for the Ophirs, the country’s national film...
Ukraine expects there will be around $3.5 billion by next month in a fund to buy...
