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| Iceland's interest rate up to 18% | Iceland's interest rate up to 18% |
| (about 1 hour later) | |
| Iceland's central bank has raised its key interest rate to 18% from 12% as the country battles against a complete financial collapse. | Iceland's central bank has raised its key interest rate to 18% from 12% as the country battles against a complete financial collapse. |
| The increase comes less than two weeks after it cut rates from 15.5%. | The increase comes less than two weeks after it cut rates from 15.5%. |
| News of the rise came as Iceland's prime minister said the country needed another $4bn (£2.6bn) in loans. | News of the rise came as Iceland's prime minister said the country needed another $4bn (£2.6bn) in loans. |
| Iceland has been struggling to avoid collapse since it was forced to take over its three biggest banks, which had been hit by the credit crunch. | Iceland has been struggling to avoid collapse since it was forced to take over its three biggest banks, which had been hit by the credit crunch. |
| The prime minister made his comments on the sidelines of a meeting with other Nordic countries. | The prime minister made his comments on the sidelines of a meeting with other Nordic countries. |
| "It's not a precise number, it's not a scientific number but we are looking in that neighbourhood," Geir Haarde said. | "It's not a precise number, it's not a scientific number but we are looking in that neighbourhood," Geir Haarde said. |
| Mr Haarde would not say how much of the additional money he was hoping to borrow from the other Nordic countries: Sweden, Finland, Norway and Denmark. | Mr Haarde would not say how much of the additional money he was hoping to borrow from the other Nordic countries: Sweden, Finland, Norway and Denmark. |
| "I do not want to put pressure on them," he said. | "I do not want to put pressure on them," he said. |
| The country has already agreed a $2bn loan from the International Monetary Fund (IMF). | The country has already agreed a $2bn loan from the International Monetary Fund (IMF). |
| Iceland's central bank will explain its decision in a statement due at about 1100 GMT. | Iceland's central bank will explain its decision in a statement due at about 1100 GMT. |