Iceland pleads for calm as bank crisis deepens

Thursday, October 9th, 2008 | • Government seizes control of country’s largest bank • Savers urged not to make large cash withdrawals Perplexity “…upon the earth distress of nations, with perplexity…” Root of All Evil “For the love of money is the root of all evil…..” —1 Timothy 6:10a The Icelandic government seized control of the country’s largest bank, Kaupthing, yesterday as its prime minister urged savers not to stampede to withdraw cash. In a further sign of the financial storm battering the country, the stock market has been closed until Monday. Talks are expected to begin next week over an estimated €4bn (£3.1bn) loan from Russia, while the prospect of an appeal to the International Monetary Fund remains an option, according to the prime minister, Geir Haarde. This week Iceland took control of two other leading banks,... [read full story]