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.

Eggert Magnusson has confirmed he has engaged in “initial discussions” with West Ham regarding a possible takeover.

THE Icelandic businessman at the head of a new takeover approach for West Ham has stressed the seriousness of the bid — and expressed his desire to bring back the club’s glory days.