Economies: Iceland near collapse
In a reversal of fortunes, Russia which went broke a decade ago until the IMF relented and let it have more money is now the proposed white knight for Iceland which is about to become that rarest of things, a bankrupt country.
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With regulators already expecting IceBank, the UK offshoot of Landbankski, to be declared insolvent after deposits were halted yesterday, Iceland has entered discussions with Russia to provide funding for its financial sector and for general government spending.
With a population of around 350,000, the country's economy is not sustainable from its own resources without contributions from the financial sector which has invested heavily using borrowed money.
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