Reykjavik borrows $10bn to stave off collapse

Article reports that Iceland had to borrow about $10bn on the 20 November 2008, roughly the size of its entire gross domestic product, to prevent its economy collapsing. The move underlined the damage wrought by disintegration of the country’s banking system during the autumn of 2008

France24, 20.11.08: IMF approves $2.1 billion loan http://www.france24.com/en/20081120-imf-21-billion-dollar-loan-iceland-financial-crisis-recession

ESO: Background information: Iceland agrees deal on foreign bank deposits http://www.europeansources.info/record/iceland-agrees-deal-on-foreign-bank-deposits/

BBC News, 20.11.08: Credit collapse numbs Icelanders http://news.bbc.co.uk/1/hi/programmes/crossing_continents/7737229.stm

BBC News, 20.11.08: IMF approves $2.1bn Iceland loan http://news.bbc.co.uk/1/hi/business/7738874.stm

Iceland: Government Offices: Press Release, 20.11.08: International Monetary Fund approves Iceland´s request for a two year stand-by arrangement http://eng.forsaetisraduneyti.is/news-and-articles/nr/3272

IMF Survey, 19.11.08: Iceland Gets Help to Recover From Historic Crisis http://www.imf.org/external/pubs/ft/survey/so/2008/INT111908A.htm

Sweden: Ministry of Finance: Press Release, 20.11.08: Joint statement from the Ministers of Finance in Denmark, Finland, Norway and Sweden regarding help to Iceland http://www.sweden.gov.se/sb/d/10213/a/115982

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