Iceland

Icelandic equity trading will be suspended until Oct. 13 after the government seized Kaupthing Bank hf, the country's biggest bank.

Iceland is getting closer to becoming the first nation to go bankrupt as a result of the credit crisis. Fitch Ratings cut Iceland's long-term sovereign default ratings to "BBB-," from "A," putting them firmly in "junk" territory. Moody's has also cut Iceland's sovereign rating to "A1," from "Aa1," and even this is under review.