IMF board to discuss Iceland loan Oct. 28

2009-10-21 23

The International Monetary Fund said on Wednesday its board would review a delayed stand-by loan arrangement for Iceland on Oct. 28, which would free up about $167.4 million in funds

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Glitnir creditors take over 95 pct of Islandsbanki

2009-10-14 23

Iceland has agreed to hand creditors of failed bank Glitnir a 95 percent stake in smaller lender Islandsbanki in payment for losses suffered in last year's banking sector collapse.

Iceland's top commercial banks were brought down by the global financial crisis last October, plunging the Icelandic economy into deep recession and forcing the nation to seek billions of dollars in aid from the International Monetary Fund and other lenders.

Iceland's three biggest banks -- Glitnir, Landsbanki and Kaupthing -- folded within a week a year ago this month, owing more than $60 billion to foreign lenders, and both Landsbanki and Kaupthing have yet to reach agreements with their creditors.

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Kaupthing Luxembourg to shed assets before takeover

2009-03-10 (All day)

The Luxembourg arm of crisis-hit Icelandic bank Kaupthing will shed certain assets and loans before being taken over, according to a restructuring plan drawn up by administrators.

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Iceland PM defies calls to resign amid crisis

Posted 30/11/2008 - 01:55 by steveejeb

2008-11-30 (All day)

Iceland's prime minister said Saturday he has no intention of stepping down over his country's economic meltdown, even as thousands of angry citizens demanded his resignation during a noisy protest outside parliament.

A crowd of 4,000 to 5,000 people gathered in the bitter cold outside the tiny stone building that houses Iceland's parliament, demanding elections for a new government. Many expressed a sense of shock and betrayal at their country's sudden fall from grace.

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