The financial turmoil is hitting Iceland especially hard, with another bank succumbing to the crisis.
The Icelandic Financial Supervisory Authority said it would take over the country's second largest bank by value, Landsbanki. Earlier, Prime Minister Geir Haarde said in a nationally televised speech that the government had assumed sweeping powers over the country's financial sector to prevent Iceland from going into bankruptcy. The central bank said it would open negotiations with Russia for a four-billion-euro loan over the coming four years.
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