October 7th, 2008

Iceland nationalizes collapsing
banks, asks Russia for help

Posted in Money by ed

Pretty frightening.

And rather than London they go to Moscow, for a $5 bil loan.

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3 comments

  1. Surfwalker says:

    The report in Stockholm today is that the Swedish Government may nationalize Kaupthing. I assume that means Kaupthing’s Swedish sub.

    I don’t know anything about Landsbanki but Kaupthing, at least internationally, pretty much exclusively focuses on private banking, which means that many customers are probably in for significantly more than the guaranteed amounts.

    October 8th, 2008 at 12:06 pm

  2. ed says:

    Turns out a lot of Brits had savings stored in the Iceland banks, through online accounts with attractive rates.

    Those websites are no longer open for business. People in Britain locked out of their money.

    And now London responds by FREEZING Icelandic assets within its reach.

    INSANE CHAOS.

    October 19th, 2008 at 9:07 pm

  3. ed says:

    I came to despise Thomas Friedman (Times columnist) for his support of the Iraq war.

    Nevertheless, here he is re Iceland, and the consequences of the global crisis for Uncle Sam’s unilateralism.

    October 20th, 2008 at 2:46 pm

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