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Latest Icelandic financial crisis Stories

2009-10-02 09:16:18

Police raided two accounting offices in Reykjavik, Iceland, to find evidence of criminal action concerning bank collapses, a special investigator said. The office of special investigator Olafur Thor Hauksson said 22 police officers and six accountants raided the PricewaterhouseCoopers and KPMG offices, seeking evidence connected to the failures of Kaupthing, Glitnir and Landsbanki, all of which collapsed in 2008 as the global financial crisis began to unfold. The purpose of the searches was...

2008-12-01 08:06:03

London Scottish Bank filed for court protection Monday after the Financial Services Authority declared it could no longer accept deposits. The British Treasury claimed all of the bank's retail accounts would be covered. The Chancellor (of the Exchequer) has put in place arrangements to ensure that all eligible retail depositors in London Scottish Bank will receive their money in full, including those with balances above the current $74,960 FSCS (Financial Services Compensation Scheme) limit,...

2008-11-20 07:05:29

The International Monetary Fund has agreed to loan Iceland $2.1 billion, bringing Iceland's borrowing total to more than $5 billion, the government said. Iceland has secured the additional funding of $3 billion from Denmark, Finland, Norway, Sweden, Russia and Poland, the government said in a statement.

2008-10-09 15:00:03

Iceland's stock exchange halted trading Thursday after the government seized control of two more of the country's major banks. The government took over Kaupthing Bank, the nation's largest, and Landsbanki, which owns Icesave, a savings company with branches in Britain, the Financial Times reported.

2008-10-09 12:00:02

By Nicky Burridge THE Government has taken steps to protect the nearly 500,000 UK consumers who have money saved with Icelandic banks.

2008-10-09 09:00:04

By Jane Wardell Associated Press REYKJAVIK, Iceland -- Iceland plunged further into financial turmoil -- and muddled into a diplomatic spat with Britain over its handling of the crisis -- on Wednesday as the country's third- largest bank went into receivership and the government abandoned attempts to put a floor under its free-falling currency.

2008-10-09 06:00:19

By Eric Pfanner and Julia Werdigier Julia Werdigier reported from London. * The government of Iceland has taken extraordinary measures to stave off "national bankruptcy," as the credit crisis tightened its grip on this remote island nation in the North Atlantic.

2008-10-08 09:30:00

By Jane Wardell Associated Press REYKJAVIK, Iceland -- This volcanic island near the Arctic Circle is on the brink of becoming the first "national bankruptcy" of the global financial meltdown.

2008-10-08 06:00:19

By Eric Pfanner and Julia Werdigier The government of Iceland on Tuesday took extraordinary measures to try to save a financial system battered by the global credit crunch, saying it had sought an emergency loan from Russia to stave off the threat of "national bankruptcy." As the credit crunch tightened its grip on this remote island country in the North Atlantic, where a debt-fueled boom has turned to bust, the government took control of a second major bank and pegged the krona to a basket...

2008-10-08 00:00:19

By Michael Savage For years, Iceland had enjoyed an economic climate more favourable than its weather. But the country was leaving itself bitterly exposed, reports Michael Savage in Reykjavik THE DAYS grow ever darker in Reykjavik.


Word of the Day
megalophonous
  • Having a loud voice; vociferous; clamorous.
  • Of grand or imposing sound.
The word 'megalophonous' comes from Greek roots meaning 'big' and 'sound'.