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Prime minister Gordon Brown denounced the "unacceptable" behaviour of the Icelandic authorities, who froze the accounts of hundreds of thousands of British savers, accusing them of taking illegal action. For his part, an angry Geir Haarde, his Icelandic counterpart, accused Britain of performing an "unfriendly act" against his country by using antiterrorist legislation to seize Icelandic accounts, reports the Times. Icelandic bank Kaupthing has blamed Britain for its collapse, claiming the Treasury's refusal to allow it to participate in the £500bn rescue package for UK lenders triggered its downfall, writes the Telegraph. As panic over the danger of financial and economic meltdown swept Wall Street once more, the latest 7% plunge in the value of America's blue-chip businesses piled pressure on world financial leaders... [read full story]
