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
Russian forces carried out around 700 strikes across Ukraine’s southeastern Zaporizhzhia region over a 24-hour period,...
Karim Khan, the chief prosecutor of the International Criminal Court, has been cleared of all wrongdoing...
Socialist candidate Emmanuel Grégoire won the Paris race Sunday, succeeding fellow party member Anne Hidalgo as...
After the fourth winter of the full-scale war, Ukraine’s energy system is emerging from one of...
