Report: IMF to Rescue Iceland

The Financial Times is reporting this morning that the International Monetary Fund (IMF) is set to lead a $6 billion bailout of Iceland, which experienced a nationwide banking collapse earlier this month.

The FT is reporting that the IMF will kick in $1 billion and the remainder of the sum will be ponied up by other Nordic countries.

Here's a good story by The Post's Keith Richburg that explains just what has been happening in the chilly Northern Atlantic island, which just a few years ago was a hot (so to speak) vacation destination and was known as the "Nordic Tiger" for its booming economy.

-- Frank Ahrens