The government of Iceland has adopted an emergency law that gives it sweeping powers over the country's financial sector.
Prime Minister Geir Haarde announced the move in a nationally televised speech. He said that the heavy exposure of Iceland's banking sector to the global financial turmoil meant that the country was in danger of bankruptcy. Observers say that Iceland is paying for a recent economic boom that saw its newly affluent companies go on an acquisition spree across Europe. Iceland's bank assets are now said to be nine times the country's annual gross domestic product.
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