The financial turmoil is hitting Iceland especially hard.
Russia has denied that Moscow had granted Iceland's central bank a four billion-euro loan. A Russian official said no negotiations were going on as of yet. Another bank in Iceland has succumbed to the crisis. The Icelandic Financial Supervisory Authority said it would take over the country's second largest bank by value, Landsbanki. Earlier, Prime Minister Geir Haarde said in a nationally televised speech that the government had assumed sweeping powers over the country's financial sector to prevent Iceland from going into bankruptcy.
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