Latest Kaupthing Bank Stories
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...
Communication breakdowns in Britain resulted in millions of dollars in investments in Icelandic banks just before their collapse, a U.K.
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.
By Nicky Burridge THE Government has taken steps to protect the nearly 500,000 UK consumers who have money saved with Icelandic banks.
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.
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.
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.
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...
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.
By James Thompson * Germany's second-biggest lender in EUR 50bn salvage plan * BNP Paribas to take a majority share in Fortis GERMANY sent shockwaves through the European financial system yesterday when Chancellor Angela Merkel said that her government would guarantee all private savings accounts with immediate effect.
- The act of burning, scorching, or heating to dryness; the state or being thus heated or dried.
- In medicine, cauterization.