Excerpt from: Forex News
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| October 21, 2008 | | $1 billion in emergency cash for Iceland | Iceland has transformed itself from a country mostly reliant on fishing for its economic success to a country with an extensive banking industry. Unfortunately, that banking industry has been rather leveraged. And things have come crashing down.
The country has become the first sovereign to accept an IMF bailout offer aimed at helping emerging markets get through the global financial crisis. Many people do not think about Iceland as an emerging market, but it is clear that the country is in dire need of help.
As part of the strict loan conditions, Iceland is deleveraging its national banks and preparing to pay Norway, Sweden and Denmark back -- and possibly Japan and Russia as well.
| Topic Tags: banking industry, currency trading, economy, emergency cash, emerging market, global financial crisis, Iceland bailout, IMF bailout | |
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