Iceland's largest bank group Kaupthing has been taken over by the Icelandic Financial Supervisory Authority.
Kaupthing was the third of the North Atlantic nation's major banks to be taken over by the agency under provisions of special legislation adopted late Monday. Earlier this week the agency took over Landsbanki and Glitnir. Prime Minister Geir Haarde noted that "their liabilities are now equivalent to many times Iceland's GNP." The commercial banks in the island nation of 300,000 people have rapidly Composer Mauricio Kagel Dies at 76 in Germany ...
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(Deutsche Welle)
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