Iceland announces Russian loan, nationalizes bank

By: Associated Press - Texarkana Gazette

Associated Press A man walks out of a branch of Landsbanki Tuesday in Reykjavik, Iceland. Iceland nationalized its second-largest bank Landsbanki on Tuesday under day-old legislation and negotiated a $5.4 billion loan from Russia to shore up the nation’s finances amid a full-blown financial crisi...

Associated Press Iceland’s Minister of Commerce Bjorgvin Sigurdsson, left, speaks Tuesday to the media as Prime Minister Geir H. Haarde looks on at a press conference in Reykjavik.

REYKJAVIK, Iceland—Iceland nationalized its second-largest bank on Tuesday under day-old emergency legislation and said it was negotiating a euro4 billion (US$5.4 billion) loan from Russia to shore up the nation’s finances amid a full-blown financial crisis.

The central bank also loaned e...

Published: 10/08/2008