http://news.bbc.co.uk/1/hi/business/7655227.stm
National bankruptcy
"We were faced with the real possibility that the national economy would be sucked into the global banking swell and end in national bankruptcy," Mr Haarde said.
"The legislation is necessary to avoid that fate."
Before the legislation was announced, Iceland's financial supervisory authority said it had decided to temporarily suspend trading in the three biggest three banks - Kaupthing, Landsbanki and Glitnir - and three other financial groups, Straumur-Burdaras, Exista and Spron.
I don't think I'd feel safe with savings in an Icelandic bank. Anyone here got money stashed in http://www.icesave.co.uk/ or http://www.kaupthingedge.co.uk/
National bankruptcy
"We were faced with the real possibility that the national economy would be sucked into the global banking swell and end in national bankruptcy," Mr Haarde said.
"The legislation is necessary to avoid that fate."
Before the legislation was announced, Iceland's financial supervisory authority said it had decided to temporarily suspend trading in the three biggest three banks - Kaupthing, Landsbanki and Glitnir - and three other financial groups, Straumur-Burdaras, Exista and Spron.
I don't think I'd feel safe with savings in an Icelandic bank. Anyone here got money stashed in http://www.icesave.co.uk/ or http://www.kaupthingedge.co.uk/
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