Iceland forced to seek Russian capital injection

Iceland expressed disappointment on the 7 October 2008 that western allies had failed to provide support to help ease the country’s financial crisis, forcing it to turn to Russia for a €4bn loan. 'We have not received the kind of support that we were requesting from our friends,' said Geir Haarde, prime minister. 'So in a situation like that one has to look for new friends.'

IMF: Country Info: Iceland and the IMF http://www.imf.org/external/country/ISL/index.htm

Iceland: Government Offices: Press Release, 7.10.08: Act providing for special powers in exceptional financial Market circumstances http://eng.utanrikisraduneyti.is/speeches-and-articles/nr/4489

Iceland: Government Offices: Press Release, 7.10.08: Act on depositors' and investors' guarantee fund: The new legislation in short http://eng.forsaetisraduneyti.is/news-and-articles/nr/3036

Iceland: Government Offices: Press Release, 6.10.08: Address to the Nation by H.E. Geir H. Haarde, Prime Minister of Iceland http://eng.forsaetisraduneyti.is/news-and-articles/nr/3035

Russia Today, 14.10.08: Russia to help Iceland overcome the crisis http://www.russiatoday.com/Crisis/news/31822

Iceland: Central Bank of Iceland: Press Release, 14.10.08: Mission from Iceland in negotiations with authorities in Russia concerning loan facility http://www.sedlabanki.is/?PageID=287&NewsID=1902

France24, 7.10.08: The party is over for Iceland http://www.france24.com/en/20081007-iceland-financial-crisis-banks-government-intervention-gaard&navi=EUROPE

Reuters, 7.10.08: Iceland PM-Russia loan funds to bolster FX reserves http://www.reuters.com/article/bondsNews/idUSSAT00566120081007

Iceland: Central Bank of Iceland: Press Release, 7.10.08: Foreign exchange reserves http://www.sedlabanki.is/?PageID=287&NewsID=1874

Iceland: Central Bank of Iceland: Press Release, 15.10.08: Joint press release from the Central Bank of Iceland and the Russian Ministry of Finance http://www.sedlabanki.is/?PageID=287&NewsID=1917

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