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Icelanders demonstrate as anger over banking crisis mounts
Reykjavik (AFP) Nov 8, 2008 Thousands of demonstrators took to the streets of the Icelandic capital Reyjavik Saturday to call on the government to resign and for banks to be more open about the country's financial crisis. Between 3,000 to 4,000 protestors turned out on the fourth consecutive Saturday of demonstrations, with numbers growing each week. The island's economy is heavily reliant on its financial sector and has been brought to its knees by the global banking crisis. The local currency, the krona, has lost 40 percent of its value since the beginning of the year. Many Icelanders, heavily indebted, have lost large sums of money. The country's three biggest banks were nationalised at the beginning of October and the government has been forced to seek help abroad. On Friday the European Union, of which Iceland is not a member, said it was ready to lend it an unspecified amount. The European Commission said the aid would be made in the framework of an agreement between Iceland and the International Monetary Fund (IMF) for a loan of two billion dollars, details of which are being finalised. Poland said Friday that it was going to join a consortium of countries providing financial help, also within the framework of the IMF deal. Iceland has said in the past it is looking for four billion dollars over and above this aid. Prime Minister Geir Haarde told public radio Saturday he had asked China for help but had received no reply. Related Links The Economy
Global finance reform needed says China's Wen to British PM
Beijing (AFP) Nov 7, 2008Chinese Prime Minister Wen Jiabao Friday told his British counterpart Gordon Brown that efforts to address the financial crisis should centre on global financial system reform. |
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