How the hell did Iceland get so tied up in this mess
REYKJAVIK, Iceland (AP) -- Iceland halted trading in the shares of six of its major banks and put 100 percent guarantees on savers' deposits Monday as the world financial crisis engulfed the tiny island nation.
Iceland is under severe pressure to draw up a plan to cope with economic turmoil.
Iceland is particularly exposed to the global credit squeeze because of the massive size of its banking sector, which has benefited from an economic boom in recent years, growing to dwarf the rest of the economy with assets at nine times the annual gross domestic product of €14 billion ($19 billion).
October 07, 2008
Posted by blogger at 10/07/2008