The financial situation in Iceland is becoming evermore dire. Trading on the country's stock exchange has been suspended for two days due to what the operator said were "unusual market conditions".
Earlier on Thursday, Iceland's largest bank group, Kaupthing, was taken over by the Icelandic Financial Supervisory Authority. Kaupthing is the third major bank to be taken over in Iceland since special legislation was adopted on Monday. Prime Minister Geir Haarde said earlier this week that the liabilities of the three banks "are now equivalent to many times Iceland's GNP."
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