REYKJAVIK, Iceland, Oct. 24 (UPI) -- Icelandic Prime Minister Geir Haarde said the government has requested a loan of $2 billion from the International Monetary Fund.
The request was part of a $6 billion package that includes help from a variety of central banks to help shore up Iceland's foreign exchange reserves, the Financial Times reported Friday.
In making the request, Iceland became the first western nation to ask for an IMF loan since Britain sought help in 1976, the Times said.
Haarde warned the Icelandic krone would be under stress, and would go through a period of "considerable volatility." The krone could fluctuate for a period before undergoing a period of appreciation, Haarde said.
In the current crisis, the krone has lost 70 percent of its value, the Financial Times reported.
