Iceland Stock Market Remains Closed, Set to Open Tuesday

Iceland has opted to keep their stock exchange closed for another day, announcing the market would open on Tuesday following three days of suspended trading.

Last week the Icelandic government announced it would nationalize its three major banks, causing a row among international investors who have not been guaranteed the safety of their deposits.

On Thursday Iceland suspended trading after citing “unusual market conditions” as the country struggles with mounting debt. The rising debt has made it nearly impossible for the country to ensure the deposited funds of its certain clients.

According to the BBC, Iceland has arranged for the protection of retail depositors there has been no guarantee for money invested by councils, police forcs, fire services and charities.

Iceland has begun looking for emergency loans from the International Monetary Fund as well as other countries.

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