Iceland can be an early example of the situation and what awaits ahead in economies very dominated by the financial system or developed economies if we do not stop this crisis.
Oct. 14: Iceland's benchmark stock index dropped 77%, its biggest decline on record, as trading resumed after a three-day suspension and the nationalization of the country's 3 largest banks, whose assets are 12 times Iceland's economy. Iceland may ask for a loan from the IMF in addition to opening formal talks to borrow as much as EUR4 billion ($5.5 bn) from Russia; such a loan would bolster the Central Bank's fx reserves and stabilize the krona exchange rate Pension funds were urged to repatriate overseas assets, while banks have been asked to help solve their liquidity problems by selling foreign assets and government has sought loans from Nordic central banks Govt fully guaranteed domestic bank deposits Iceland Holds Talks With Russia on $5.5 Billion Loan (Update1) http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aVNt_HM4FeSY --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "World-thread" group. To post to this group, send email to world-thread@googlegroups.com To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/world-thread?hl=en -~----------~----~----~----~------~----~------~--~---
