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
As the sun sets on a vast farm field, soldiers in full body armor pull over...
President Volodymyr Zelensky outlined Ukraine’s core diplomatic priorities ahead of the upcoming NATO summit in Ankara,...
The UN-sanctioned Board of Peace announced by Donald Trump earlier this year to rule Gaza is...
Former Israeli Prime Minister Ehud Barak coordinated closely with convicted sex offender Jeffrey Epstein in pursuit...
