Iceland's central bank has said Russia is extending it a loan of four billion euros as the Nordic country tries to fend off the ongoing financial turmoil.
The Icelandic Financial Supervisory Authority said it would take over the country's second largest bank by value, Landsbanki. Earlier, Prime Minister Geir Haarde said in a nationally televised speech that the government had assumed sweeping powers over the country's financial sector to prevent Iceland from going into bankruptcy. Observers say that Iceland is paying for a recent economic boom that saw its newly affluent companies go an acquisition spree across Europe.
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