Chronicles Of Depression 2.0: #313: Iceland 2
Iceland’s government is to offer an unlimited guarantee for all bank customers’ savings accounts.
The move came after trading in six of Iceland’s biggest banks and financial firms was temporarily halted.
Iceland’s government is currently drafting a plan to deal with the country’s financial crisis – an announcement is expected shortly.
Banks now dwarf the rest of the economy, leaving Iceland heavily exposed to the global credit squeeze.
Iceland’s financial supervisory authority said it had decided to temporarily suspend trading in the three biggest three banks – Kaupthing, Landsbanki and Glitnir – and three other financial groups, Straumur-Burdaras, Exista and Spron.
Emphasis added by me.
Something happened over there.
We haven’t heard squat out of Greenland. I wonder why.