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
A Russian drone strike hit central Lviv on Tuesday, March 24, injuring at least two people...
Transgender women are banned from competing at the Olympics, beginning with the Los Angeles Summer Games...
Russian forces carried out around 700 strikes across Ukraine’s southeastern Zaporizhzhia region over a 24-hour period,...
