At the center of the world’s financial crisis this week is Iceland who may be the first national bankruptcy.
The country has already suffered the falling of its second largest bank Landsbanki Island HF. The British government has decided to step in to protect its citizens’ savings accounts after Landsbanki’s failure. ING Direct UK has picked up a number of affected accounts.
The United Kingdom plans on suing Iceland over the failed deposits.
The situation has led to soaring inflation and a massive fall in the value of the Icelandic krona.
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