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U.S. markets recover from steep losses
HELSINKI, Finland, Oct. 28 (UPI) -- Nordic prime ministers, after meeting in Helsinki, Finland, vowed to assist Iceland recover from its financial crisis.
Prime ministers from Norway, Sweden, Denmark and Finland agreed to form a "high-level committee" that would monitor Iceland's International Monetary Fund's rescue plan.
The group would also "discuss and coordinate measures to assist Iceland in recovering form the serious situation in which that country now finds itself," a statement from the Icelandic government said Tuesday.
"Iceland is counting on its Nordic neighbors as well as other friends for help to revive the economy after the sudden failure of the country's banks" Prime Minister Geir Haarde said.
The IMF has reached a preliminary agreement to loan Iceland $2 billion. In addition, "while emphasizing that he did not want to put pressure on his colleagues," Haarde said Iceland's financial requirements were "in the region of $4 billion" in addition to the IMF loan, the statement said.
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