Economy: Iceland close to IMF deal

Bloomberg reports Iceland's Industry Minister Oessur Skarphedinsson, has said Iceland is "very close" to a rescue deal with the International Monetary Fund.

The fund is preparing a plan to present to the government, which is also seeking a loan from Russia, Mr Skarphedinsson said. The rescue is reported to be worth $6bn (€4.6bn).

Iceland needs aid from the IMF and Nordic countries after the collapse of its banking system froze its foreign-exchange market, making it hard for importers to finance purchases.

Published by Mike Hitchen, Mike Hitchen Consulting
We're mot good - we're damn good