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The Washington Post
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REYKJAVIK, ICELAND -
The government of Iceland seized control of the country's largest bank Thursday -- the third bank takeover this week -- and suspended trading on the stock market, as the North Atlantic island nation grapples with an unprecedented financial meltdown.Iceland is the first national casualty of the global economic crisis.The takeover of Kaupthing bank now leaves the government in control of Iceland's three major banks. Earlier this week the government seized Landsbanki, the second-largest, and Glitnir, the third-largest. The government said domestic depositors would have their money guaranteed, and said bank operations would continue as usual.The OMX Nordic Exchange Iceland said equity trading would remain halted until Monday.
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