IMF grants $2.1 billion for Iceland

IMF grants $2.1 billion for Iceland

Thu, 06/11/2008

No mention (as yet) of any terms relating to honouring parental guarantess for with this loan.

The International Monetary Fund has approved a $2.1 billion loan for Iceland to help the Nordic nation's collapsed banking system recover and stabilize its economy in the midst of global financial turmoil.

The decision by the IMF's executive board Wednesday on the two-year loan means Iceland gets access immediately to $833 million. The approval also clears the way for Iceland to receive help from other Nordic nations who have indicated a willingness to provide loans.

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