Iceland announces Russian loan, nationalizes bank

A collapse of the Icelandic financial system could reverberate across Europe, given the heavy investment by Icelandic banks and companies across the continent.

One of the country's biggest companies, retailing investment group Baugur, owns or has stakes in dozens of major European retailers--including enough to make it the largest private company in Britain, where it owns a handful of well-known stores such as the famous toy store Hamley's.