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Iceland’s ex PM: ‘We didn’t know the banks were fishy’ 
Iceland bouncing back from the brink Iceland’s central bank cut its key interest rate from 17 percent to 15.5 percent. It is the second cut in a month.
The cost of borrowing reached a record 18 percent late last year following a collapse of Iceland’s main commercial banks and currency. The IMF put together a 7.5 billion euro financial aid package to steer Iceland out of its crisis, but the central bank still expects the economy to contract by more than 10 percent this year.More about: Banking, IcelandCopyright © 2012 euronews
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