Word: iceland
(lookup in dictionary)
(lookup stats)
Dates: during 2000-2009
Sort By: most recent first
(reverse)
...want to restore confidence in stock markets and among financial institutions, recapitalize your banks - quickly. This message already has some traction in Washington. The U.S. Treasury Department is discussing a plan to use public funds to recapitalize banks. The U.K. government already took that step earlier this week, while Iceland has nationalized its banks...
...financial turmoil is global. The organization might be able to lend a hand in specific situations. On Thursday the IMF announced it was restarting an emergency lending program that had been active during the 1990s Asian crisis for developing countries. The IMF has already sent a mission to Iceland, which is suffering from a financial meltdown. "All kinds of cooperation has to be recommended," IMF managing director Dominique Strauss-Kahn told reporters...
There's also a role for the world's lender of last resort, the IMF. The IMF, say economists, should step up and publish details of a ready-to-use financial-help package for any countries that may be in danger of going the way of Iceland, which was unable to bolster overleveraged banks that failed. Panicked trading Friday in Eastern Europe raised concerns that some emerging economies there could be in trouble. The IMF should set aside many of the more stringent conditions it has imposed on borrowers in the past to encourage countries to draw on its assets...
There's nothing like an external enemy to make a country pull together, and Britain, fractious and dissatisfied with its Labour government until recently, has found a fresh foe: Iceland. The tiny country's benign image as a land of geysers and the midnight sun has been swiftly eclipsed by its new incarnation as the mustache-twirling villain of the credit crunch. Britons - from private individuals to local government, charities and public bodies - have deposited some $34 billion in Iceland's financial institutions, among them Landsbanki, which went into receivership this week, and Kaupthing, the country's biggest bank, which...
...British plan - isn't an option everywhere. Banks have become so big and so leveraged that their balance sheets can exceed the gross domestic product of the country in which they are based. That's the case in Belgium, the Netherlands and a host of smaller countries, including Iceland, where on Oct. 6 the Prime Minister warned about the possibility of a "national bankruptcy" because several banks with assets larger than the country's entire economy ran into trouble. Uncertainties about crisis-management efforts are contributing significantly to the market instability...