Iceland's prime minister says recovery cost is $6 Billion
Buildings under construction on the sea front in Reykjavik. Iceland jacked up its key interest rate to 18 percent and said it was seeking help from the European Central Bank and the US Federal Reserve in twin moves Tuesday to stave off national bankruptcy.
(AFP/Olivier Morin)Iceland's prime minister says recovery cost is $6B
HELSINKI, Finland – Iceland's prime minister says his country needs about $6 billion in loans to recover from the financial meltdown.
Geir Haarde told The Associated Press on Tuesday that Iceland will need $4 billion in addition to a $2 billion loan package recently announced by the International Monetary Fund.
Iceland's banking system has collapsed amid the global credit crunch. The country's currency, the krona, has lost half its value since January. Banking transactions to and from the island nation in the middle of the North Atlantic have seized up, leaving its population of 320,000 virtually stranded.
Article: HERE
Icelandic singer Bjork , seen here in July 2008, said Tuesday that Iceland should use the global financial crisis to reject economic domination by foreign corporations and promote small-scale green-friendly enterprise
(AFP/File/Petras Malukas)
Comments