Last week, the country's third largest bank was nationalised. This week, the government dismissed the board of directors of Landsbanki, its second-largest bank, and put it into receivership. On Monday, the Prime Minister, Geir Haarde, warned its citizens the country faces bankruptcy.
Iceland, with a population the size of Bristol, is rated by the UN as the most developed society on earth. But it now faces less welcome distinction as the country worst exposed to the credit crunch, with banking debts several times bigger than its economy.
Iceland: dancing on the brink of bankruptcy
Israeli soldiers in Gaza went over their superiors’ heads earlier last week to help a settler...
For the past year, hungry Gazans have waited in desperation for more food to enter the...
The stakes have never been higher in the Ukraine-Russia war.
In the week that saw the conflict...
Russia fired an experimental intermediate-range ballistic missile at Ukraine overnight, Russian President Vladimir Putin said in...
