Iceland secures $5.1bn bail-out
November 20, 2008
FT.com - World, Europe
Iceland has finally secured a $5.1bn bail out comprising a $2.
Iceland has finally secured a $5.1bn bail out comprising a $2.
The International Monetary Fund approves a $2.1bn (£1.4bn) loan for Iceland, after its banking system collapsed in October.
Reykjavik - Iceland that has been severely battered by the global credit crunch Thursday welcomed emergency loans approved by
REYKJAVIK, Iceland, Nov. 20 (UPI) -- The International Monetary Fund has agreed to loan Iceland $2.1 billion, bringing Iceland's borrowing total to more than $5 billion, the government said.
Four fellow-Nordic countries will loan Iceland 2.5 billion U.S. dollars to help it cope with an acute financial crisis.
Iceland's best-known import after Bjork, the children's TV show Lazy Town, has been bombarded with hundreds of job applications from redundant bankers.
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The IMF Executive Board has today approved a financial package for Iceland. This is a first step to get Iceland out of its current serious financial and economic situation.
Four Nordic countries and the International Monetary Fund on Thursday pledged a combined $4.6 billion (euro3.64 billion) in loans to help Iceland recover from its economic meltdown.
Iceland finally received international backing for its bailout plan on Thursday, as Nordic countries followed up a loan by the International Monetary Fund.
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Nordic neighbours have stepped in to save Iceland, lending the struggling island £1.7bn to help it recover from economic meltdown.