russia helps iceland

The Russians aren't short of a quid now are they.


Iceland got a 4 billion-euro ($7.6 billion) loan from Russia, pegged the krona to a trade-weighted index and nationalized the nation's second-biggest bank after the currency's slump and bad debts crippled the financial system.


Russia wants to show that it's a financial power and is willing to help solve the global crisis,'' said Beat Siegenthaler, chief emerging markets strategist in London at TD Securities Ltd. ``There are more questions as to why Iceland was not able to get a similar loan from the Nordics or from the European Central Bank or the UK.

Full article

http://business.theage.com.au/business/iceland-gets-76b-russian-loan-to-halt-meltdown-20081007-4vw6.html