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Banking crisis sweeps Iceland, Britain

Tue, 2008-10-14 13:37 | Reuters

Iceland's financial authorities took over the country's second largest bank on Tuesday [Oct. 7] and shares in some of Britain's biggest banking names tumbled, the latest victims of the global financial crisis. Western governments and central banks faced demands for coordinated action after Australia responded to the growing crisis by cutting its interest rates by 100 basis points.

Iceland, a country of 300,000 in the North Atlantic, is battling to stave off national bankruptcy after its banks took on massive debts in expanding overseas.

Gordon Brown considers legal action against Iceland

Tue, 2008-10-14 13:32 | Graeme Weardon and Deborah Summers

Gordon Brown has told the Icelandic prime minister that he is considering legal action against the country over the collapse of its national banks.

Freeze!

Tue, 2008-10-14 13:27 | Conor Gearty

Iceland has been experiencing a major financial crisis this year which has seen unprecedented measures by its government. One of these measures has included a proposed loan from Russia worth €4 billion. This and other actions such as nationalisation of its major banks has invited international reactions including a move from Britain. A set of articles explains the situation.

Britain's anti-terror laws can be deployed for all sorts of ends — as Iceland has just discovered. Writes Connor Gearty for the Guardian.