THE INDEPENDENT: Crisis-hit Iceland suspended trading on its stock exchange until Monday today.
The OMX Nordic Exchange Iceland said the decision was due to "unusual market conditions".
Iceland is sinking deeper into financial turmoil as its top-heavy banking system collapses.
The Icelandic government now has control of all three of the country's major banks - Kaupthing, Landsbanki and Glitnir - as it struggles to contain the panic.
The crisis is also hitting several other countries in Europe, where thousands of people have accounts with subsidiaries of the Icelandic banks. [Source: The Independent] AP | October 9, 2008
THE INDEPENDENT:
Council Millions at Risk in Icelandic Banks: Britain's local authorities came under fire today after it emerged that millions of pounds of council taxpayers' money invested in Icelandic banks is at risk.
Critics branded the investments an "absolute disgrace" and said those responsible should consider their positions.
One authority - Kent County Council - has £50 million deposited in Icelandic banks while more than 20 others are thought to have exposure running into millions of pounds.
Barnet Council in north London is thought to have in the region of £27 million deposited and Westminster Council said it had £17 million with Icelandic institutions.
Transport for London said it has a £40 million deposit with Kaupthing Singer & Friedlander, which has been placed into administration.
Mark Wallace, campaign director at the TaxPayers' Alliance, said: "People will be shocked that the councils had this money stashed away in the first place.
"Every year we hear that councils don't have enough money and need to raise taxes but it seems they have had sufficient excess tax to salt tens of millions of pounds away.
"The fact that they have invested this money and seem to have lost it is even more shocking and is sadly yet another reminder of the poor financial management in local councils.
"In short, they should not have stashed this money in the first place and they simply weren't equipped to try to be clever in the markets with it." >>> By Joe Sinclair, PA | October 9, 2008
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