Iceland Getting Desperate for Loans

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2008-11-11 (All day)

Last week, it seemed as though Iceland would quickly get the billions it needs from the International Monetary Fund and elsewhere. But nothing has turned up so far. A new EU promise may likewise be slow to materialize.
Dutch Finance Minister Wouter Bos and his British counterpart Alistair Darling were blocking the IMF aid package pending an agreement by Iceland to pay back money citizens of those two countries deposited with Icesave, a subsidiary of Landsbanki. According to the report, Dutch citizens deposited some €1.6 billion ($2.05 billion) with Icesave while Britons have some €1 billion in the bank. The bank's collapse last month makes the future of those deposits uncertain. Some 30,000 Germans also have deposits with Icesave.