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
India on Thursday criticised as inappropriate a post by Donald Trump in which he shared comments...
A Russian overnight attack on Dnipro hit a multi-story residential building and injured seven people, including...
As he attempts to wind down the regional war in the Middle East he kicked off...
Former Israeli prime minister Ariel Sharon, when asked to explain the apparent about-face that led him...
