Icelandic Economy

Moody's raised its outlook on Iceland's Baa3 debt rating to stable from negative Thursday, citing the court ruling in its favor over the long-running Icesave bank case.

Iceland was entitled to refuse to pay immediate deposit guarantees to savers with failed online bank Icesave in Britain and the Netherlands, a European court said Monday.

Britain's Serious Fraud Office abandoned its three-year investigation into Iceland's failed Kaupthing bank on Monday, ruling that there was not enough evidence to continue the probe.

Iceland PM Johanna Sigurdardottir, the world's first openly lesbian head of state, has announced her retirement. Iceland Prime Minister Johanna Sigurdardottir, the world's first openly lesbian head of state, has announced she won't return next year. ?There is a time for everything, also for my time in politics which has been long and eventful,? she said in a statement. ?Now I believe it is time for others to take the baton that was passed to me following the crash. I have therefore decided to leave political life at the end of this term.? Sigurdardottir, a former member of the Icelandic Parliament since 1978, stepped in to take over the nation's reigns as Prime Minister Geir Haarde was forced out when public unrest over the nation's economic crisis unseated the government in 2008. Sigurdardottir, the leader of the Social Democrats, was named interim prime minister at first and retained power in elections held in 2009. Under her watch, Iceland extended marriage rights to gay and lesbian

A special Icelandic court on Monday found former prime minister Geir Haarde guilty on one count over the collapse of Iceland's banks in 2008 but acquitted him of three other charges.

Former premier Geir Haarde insisted Monday he could not be held responsible for the collapse of Iceland's banks as he became the first political leader to be tried over the global financial crisis.

REYKJAVIK (Reuters) - Iceland's Financial Surveillance Authority (FME) said on Saturday it had sacked director Gunnar Andersen following a report into his time as an executive at failed bank Landsbanki.

The Chinese tycoon behind a failed plan to buy a huge tract of land in Iceland has blamed prejudice against China for the rejection of the bid, according to an interview published on Sunday.

Publishers and booksellers from debt-laden countries gathered at the world's biggest book fair Wednesday determined to fight the impact of Europe's economic woes.

Iceland's former prime minister became Monday the first political leader to be tried over the global financial crisis as proceedings began to decide if he can be held accountable for his country's banking sector collapse.

REYKJAVIK (Reuters) - Iceland's president accused European countries on Sunday of having bullied it into agreeing to guarantee repayment of the debts of a failed bank, reviving a dispute with Britain and the Netherlands whose citizens are owed billions.

NEW YORK (Reuters) - WikiLeaks founder Julian Assange has lost a financial lifeline. Since December, bans by the world's major credit card networks, it has been difficult for supporters of the controversial whistleblower to send him donations. But this week, WikiLeaks gained a brief respite with the unwitting help of an Icelandic bank.

NEW YORK (Reuters) - WikiLeaks founder Julian Assange has lost a financial lifeline. Since December, bans by the world's major credit card networks, it has been difficult for supporters of the controversial whistleblower to send him donations. But this week, WikiLeaks gained a brief respite with the unwitting help of an Icelandic bank.

Iceland, the poster child of the 2008 global financial crisis, is well on the way to recovery but faces a remaining challenge in lifting capital controls, the IMF said Monday.

London shares rebounded slightly on Tuesday recovering some of their recent sharp losses despite concerns over UK banks, eurozone debt and the impact of volcanic ash from Iceland.

Airline shares dived on Monday in fright at the threat to traffic from an Icelandic volcanic ash cloud closing the skies over Europe, a year after European airlines were hit by month-long ash chaos.

WASHINGTON (Reuters) - A downgrade of Iceland's credit rating would be unjustified now that the country's economy is improving, Finance Minister Steingrimur Sigfusson said on Saturday.

REYKJAVIK (Reuters) - Icelanders began voting on Saturday whether to approve a plan to repay debts to Britain and the Netherlands with opinion polls suggesting another rejection, dampening hopes for progress in the island's economic recovery.

Property magnates Robert and Vincent Tchenguiz were briefly detained Wednesday in London as part of an international probe into the collapse of Icelandic bank Kaupthing.

REYKJAVIK (Reuters) - Icelanders will vote on April 9 on a plan to repay around $5 billion to Britain and the Netherlands to cover debts from the financial crisis, with popular backing key to keeping an economic recovery on track.