In spite of a growing aid package, the economic situation in Iceland is about to take a turn for the worse.
The total amount of aid to Iceland increased to more than $10 billion Nov. 20 as the northern Atlantic country received pledges of more than $3 billion from its Nordic neighbors and more than $5 billion from Germany, the United Kingdom and the Netherlands to complement the $2.1 billion loan from the International Monetary Fund (IMF). The total package is rounded up by loans from Poland ($200 million), the Faroe Islands ($50 million) and Russia (an unreported amount significantly smaller than Russia’s original offer of $5.4 billion).