Iceland Govt instructs Lovells in wake of financial meltdown
Lovells has been bought in by the Icelandic Government to advise on any potential claims that it might make against the UK Treasury in the wake of the country's recent banking collapse. The mandate comes against the backdrop of a war of words between the UK and Icelandic Governments after three banks - Kaupthing, Landsbanki and Glitnir - were taken into the hands of the Icelandic authorities earlier this month.Iceland's foreign minister, Ingibjorg Solrun Gisladottir, slammed the UK Government's use of anti-terror laws to seize around £4bn worth of assets from Landsbanki, while Prime Minister Gordon Brown said that the behaviour of the Icelandic Government was "totally unacceptable" in the face of the scale of the country's economic crisis.
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