Wednesday 8 October 2008

The big freeze with Iceland

UK-Iceland relations have become very frosty, after the Icelandic government was unable to meet its guarantee to savers in the collapsed Icesave internet bank.

The UK government has stepped in to protect British savers, and Paul Waugh reports that the UK has also now frozen the UK assets of the Landsbanki parent company. (How far this will affect West Ham United, whose new owner was former chair of Landsbanki and a major investor, remains to be seen).

This might not quite be a return to the cod wars ('not to be confused with the cold war' as Wikipedia's summary helpfully reminds us).

But somebody will need to come up a suitably glacial tag for this downturn in relations.

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