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 US blockade of Iran’s ports is in place with President Donald Trump warning that any...
Two shipments from Britain of military components bound for Israel have been seized in Belgium, which...
Two former student leaders at the School of Oriental and African Studies (Soas) in London have...
President Volodymyr Zelensky and Norwegian Prime Minister Jonas Gahr Støre on Tuesday signed a Joint Declaration...
