PRESS RELEASE FROM KAUPTHING BANK:

Kaupthing Bank hf. (the “Bank”) has on 30 November 2008 filed a voluntary petition under Chapter 15 of the US Bankruptcy Code, in order to seek US recognition of the Bank’s moratorium, which has been Read the full story

Reuters reports that according to Japan’s finance minister Shoichi Nakagawa Japan is ready to back up a bail-out plan for the struggling economies of the European nations, starting in Iceland. “With nearly USD 1 trillion in foreign exchange reserves, Japan is prepared to help bail out nations running out of funds amid the worsening global financial crisis,” Mr. Shoichi Nakagawa said. Read the full story