Tuesday, 14 October 2008

Iceland plunges 77% in one day - A new frontier market!

Iceland's benchmark stock index plunged 77 percent, the biggest decline on record. Trading resumed rfollowing a three-day suspension and the nationalization of the country's largest banks.

Kaupthing Bank hf, Glitnir Bank hf and Landsbanki Islands were nationalised with debts equivalent to as much as 12 times Iceland's GDP.

We welcome Iceland to the frontier markets club....

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