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Saturday, 23 June 2012

Booming Iceland repays IMF early, again

WASHINGTON - Iceland, whose economy has recovered rapidly following the 2008 collapse of its banking sector, on Friday repaid US$483.7 million in loans to the International Monetary Fund, the lender said.

The early repayment, which follows another one of more than US$900 million in March, is a symbolic step for the country of just 320,000 people as it works its way out of a financial meltdown that ravaged the economy.

Iceland's main commercial banks collapsed in the space of a week as the global financial crisis struck in late 2008, imploding under the weight of huge debts built up during an aggressive overseas expansion.

But the country's rebound has been equally surprising.


Just For Laugh ...


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