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Iceland suspends trading in financial firms

If you are worrying about your savings in Icelandic banks – Icesave (Landsbanki), Kaupthing Edge – then you will be interested in this announcement today.  Iceland has suspended share trading in financial companies.

“This decision is made in order to safeguard the equality of investors while awaiting an announcement,” the statement said.

Reuters, 6 October 2008

And Times Online reports:

All the major credit ratings agencies moved today to downgrade Iceland’s four big banks and its sovereign credit rating. Fitch cut Iceland’s long-term foreign-currency IDR rating by two notches to A-, while Standard & Poor’s cut Iceland’s long-term foreign currency sovereign credit rating to A- from A and Moody’s put its Aa1 rating on review.

Read the rest of this very good article on The Times site.

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