"Iceland, IMF reach accord on $2b loan" by Associated Press | October 25, 2008
LONDON - Iceland's government said yesterday that it has reached a tentative agreement with the International Monetary Fund for a $2 billion loan over two years as part of an economic aid package.
The government said the deal also would give Iceland immediate access to $830 million. The deal, which was reached after negotiations in Reykjavik with IMF representatives, must be approved by the agency's board in Washington.
Iceland had sought help from the IMF after its banking system collapsed this month under the weight of the global credit crunch - threatening the entire economy. The country's currency, the krona, has lost half its value since January, and banking transactions to and from the island nation in the middle of the North Atlantic have seized up, making it harder to finance imports. --more--"
Almost as if it were being done on purposes, huh?
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