Crisis-hit Iceland suspended trading on its stock exchange until Monday today.

The Icelandic government took control of the country’s largest bank, Kaupthing, today as it struggled to prevent a collapse in its entire banking system.

Royal Bank of Scotland shares plunged nearly 40% to a 15-year low today as speculation mounted over an imminent taxpayer-funded rescue of Britain’s banks.

Iceland nationalised its second-largest bank today under new emergency legislation as it moved to get a grip on the escalating economic crisis.

Russia today pledged a €4bn loan to bolster Iceland’s foreign exchange reserves.

Iceland’s banks face a battle for survival today, after the country’s government introduced emergency legislation giving it sweeping new powers over the collapsing financial sector.

More than £93bn (€119.8bn) was wiped from the value of the UK's biggest companies today as London's FTSE 100 suffered its biggest fall since Black Monday.

The Icelandic Stock Exchange today halted share trading in six major financial institutions as the government said it was drafting a plan to deal with the financial crisis engulfing the Nordic country.

Germany became the latest country to act over the financial meltdown, with a new rescue plan for its second biggest commercial property lender and a 100% guarantee on private bank accounts.

The Icelandic government was today reported to be in crisis talks with the country's central bank over moves to prop up the banking sector.