Icelandic Markets Falls Over 75%

Around the world, markets are in rally mode. Iceland is an exception to that. Big time. After being halted since Thursday, stocks simply collapsed when they reopened today:

The Telegraph: The benchmark ICEX index dropped 2,287.78 points to 716.84 in the first day of trading since the market was suspended last Thursday. Shares in six financial companies, including the now-state controlled Kaupthing, Landsbanki and Glitnir, remained suspended.

And it sounds like the leaders of their fallen banks experience the same level of incredulity as their US counterparts:

The chairman of Iceland’s biggest bank, Kaupthing, has blamed Britain for its collapse. He said UK customers became confused after rival Icelandic bank Landsbanki collapsed and rushed to withdraw their savings from all the country’s banks.

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