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8 Oct, 2008 05:01

Icelandic delegation to come to Moscow in search of $5.4 Billion

A delegation from Iceland is scheduled to arrive in Moscow on Wednesday to negotiate a potential $5.4 Billion loan from Russia.

The money would be used to help tackle the economic crisis threatening the country – Iceland's financial system is tottering, and its currency plunged 35% this week.

Russian finance minister Alexey Kudrin said Moscow viewed the request from Iceland positively.  Iceland's premier, Geir Haarde, confirmed talks would take place.

“Our primary concern is the stability of the banking system, as well as the best interests of the Icelandic people.  We will be sending people to Moscow to negotiate with Russia on the terms and conditions and so on, on this role, which would be an addition to our foreign currency reserves.”