Just one day after Russian authorities made the decision to halt trading on its stock exchages, Iceland followed suit. Officials announced that the country’s OMX Nordic Exchange would remain frozen until Monday, due to “unusual market conditions”. Like many nations around the globe, Iceland is hoping that this calming period will help to stave off the threat of national bankruptcy. In addition, the Icelandic government has taken control of Kaupthing, the country’s largest bank, and is forming a new entity called “New Landsbanki” in order to affect the “continued orderly operation of domestic banking and the safety of domestic deposits.”

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