Wednesday, November 19, 2008

Chronicles Of Depression 2.0: #421: Iceland 7

IMF approves $2.1bn Iceland loan
The International Monetary Fund (IMF) has approved a $2.1bn (£1.4bn) loan for Iceland, after the country's banking system collapsed in October.

The two-year loan was designed to help the country cope with what the IMF described as "a banking crisis of extraordinary proportions".

The loan aimed to help the country "to restore confidence and stabilise the economy", the IMF said in a statement.

Iceland is the first Western European nation to get an IMF loan since 1976.

Emphasis added by me.

Needs watching.

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