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Iceland calls in IMF

Currencies, Economic growth, Financial Events, Leverage
By Paul Hodges on 09-Oct-2008

As the blog predicted, Iceland has been forced to call on the IMF for help. Finally, the country’s leaders have recognised that their $20bn economy couldn’t support the level of debt built up during the ‘go-go’ years. The pity is that it took them so long to recognise reality – and by then, any chance of avoiding disaster had long since disappeared.