Iceland teeters on the brink of bankruptcy (yes, the country)
Well, it could be a hell of a lot worse.
Iceland has had to nationalize its second (Landsbanki) and third (Glitnir) largest banks, and the largest (Kaupthing) is teetering on the edge. The magnitude of the losses dwarfs the entire country’s economy. It’s currency has lost nearly half its value.
“The country’s top four banks now hold foreign liabilities in excess of $100 billion, debts that dwarf Iceland’s gross domestic product of $14 billion.”
