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Iceland News

This page contains brief summaries of and links to media reports on the topic of Iceland News.

Iceland 'Will Need Billions More'

Iceland will probably need "several billion" dollars more in financial assistance even after a proposed $2bn loan from the IMF, its prime minister has admitted. 24-Oct-08.

http://news.sky.com/skynews/Home/Business/Iceland-Needs-Billions-Of-Doll...

IMF bailout of Iceland is delayed until fate of UK savers’ frozen cash is resolved

Stalemate in talks between Iceland and Britain over the fate of the money from UK savers that is frozen in an Icelandic bank was being blamed last night for delaying a bailout of the stricken North Atlantic economy.

The International Monetary Fund is believed to be insisting that Reykjavik’s dispute with London over British savings held in Icesave, the UK offshoot of Iceland’s nationalised Landsbanki, is resolved before it will make a decision on the scale of emergency support for the tiny island nation. 24-Oct-08.

http://business.timesonline.co.uk/tol/business/economics/article5004002.ece

Icelandic authorities react to UK gov't 'terror' move

A diplomatic row has erupted between the Icelandic and the UK governments.

The Icelandic government has hired a law firm following the Treasury's use of anti-terrorist legislation to freeze all Landsbanki assets in the UK.23-Oct-08.

http://ftadviser.com/FinancialAdviser/Regulation/Regulators/News/article/20081023/f9b98296-9c3f-11dd-8c44-00144f2af8e8/Icelandic-authorities-react-to-UK-govt-terror-move.jsp

Britain to loan Iceland £3bln to repay savers: report

LONDON (AFP) — Britain is planning to lend about three billion pounds to Iceland to repay savers with money in a stricken Icelandic bank, a newspaper reported on Wednesday.

The Financial Times, quoting unnamed officials in Iceland, said a British delegation hoped to wrap up the deal -- worth about 30 percent of the island nation's gross domestic product -- during a trip to the country this week. 22-Oct-08.

http://afp.google.com/article/ALeqM5gSTFnLO0fLDX42SvPxRf0QXcycmw

Iceland falls out of love with its billionaires

Iceland’s new billionaires were once the heroes of its rags-to-riches saga.

Tales of fast cars, yachts and penthouses, accounting scandals and Russian money did not seem to hamper the country’s love affair with its self-made men. But as Iceland’s financial system collapsed under a banking system ten times the size of its economy, the nation’s romance with the very wealthy came to an abrupt end.  19-Oct-08.

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3227409/Iceland-falls-out-of-love-with-its-billionaires-financial-crisis.html

Iceland Seen Turning to IMF

The Icelandic government is likely to ask the International Monetary Fund for financial help over the weekend, as the country's foreign-exchange market remains dysfunctional and questions mount over Iceland's near-term debt obligations, a key government official told Dow Jones Newswires Friday.

Financial markets worry about the government's ability to meet debt obligations as Iceland drastically shakes up its financial system.  Wall Street Journal website - 17-Oct-08.

http://online.wsj.com/article/SB122425739356744673.html?mod=googlenews_wsj

Iceland accuses UK banks of imposing siege on cash flow

Iceland's central bank yesterday attempted to get money flowing in and out of the country's hobbled economy, routing all payments through its own accounts and blaming UK banks in particular for withholding funds from Icelandic companies. 17-Oct-08.

http://www.ft.com/cms/s/0/9c1ee732-9be2-11dd-ae76-000077b07658.html

ICELAND TAKES CONTROL OF LANDSBANKI

Iceland has nationalised its second-largest bank under new emergency legislation as it moved to get a grip on the escalating economic crisis. The bail-out of Landsbanki came a day after trading in shares of major banks was suspended, the Icelandic krona lost a quarter of its value against the euro, and the government rushed through emergency legislation giving it sweeping powers to deal with the financial meltdown. 07-Oct-08.

http://www.express.co.uk/posts/view/65008/Iceland-takes-control-of-Landsbanki

Iceland's Landsbanki says business sound

STOCKHOLM, Sept 29 (Reuters) - Iceland's Landsbanki LAIS.IC said on Monday its business was sound and that it had ample liquidity to ride out a market crisis that saw domestic rival Glitnir GLB.IC taken over by the government. 29-Sept-08.

http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSSAT00559920080929

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