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Tuesday, October 21, 2008

Report: Iceland to Accept IMF Bailout

by Calculated Risk on 10/21/2008 12:11:00 AM

From The Times: Iceland agrees emergency $6bn deal with IMF

The credit crunch claimed its first sovereign scalp last night as Iceland readied itself to accept an International Monetary Fund (IMF) bailout. ... The IMF may provide about $1 billion in emergency cash for Iceland with the balance lent by Norway, Sweden and Denmark and additional money possibly coming from Russia and Japan.
The IMF is likely to attach stringent conditions to the loan, including the stipulation that Iceland quickly deleverage its three nationalised banks Kaupthing, Landsbanki and Glitner.
Quite a fall for Iceland.

Note: I'm back from my hiking trip in Zion and Bryce. I'll post a few pictures when I get a chance. Best to all.