Thursday, 9 October 2008

'Meltdown'


Perhaps the most common claim with regard to the importance of money in our everyday life is the morally neutral if not comically exaggerated claim that ‘money makes the world go round’.

Hundreds of millions of pounds invested by British councils in Icelandic banks could be at risk from the country's financial crisis.

One authority alone - Kent County Council - has £50m deposited in troubled Landsbanki and its UK subsidiary Heritable, as well as Glitnir Bank.

More than 20 others are also thought to have exposure running into millions of pounds.

Transport for London said it has a £40m deposit with Kaupthing Singer & Friedlander, which has been placed into administration.

Iceland's financial watchdog has already said it is taking control of Kaupthing, the country's biggest bank.

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