Iceland Asks IMF for $2 Billion to Aid in Financial Collapse

Iceland has requested $2 billion from the International Monetary Fund after the government was forced to take over three of the country’s four largest banks due to their financial collapse.

The takeover has left Iceland now owning three banks that are mired in debt and placed the rest of the country’s financial prospects in doubt. Iceland had requested funds from Russia but those talks broke down and as a last resort they sought aid from the IMF.

The banking crisis has left not only Iceland in trouble but many of those who deposited funds in Icelandic banks. While many individuals and city councils across Europe deposited money in Icelandic banks they have found their funds inaccessible at this time.

If the IMF approves Iceland’s request more than $850 million could be immediately available to the country.

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