Russia bails out Iceland

[Jan Klimkowski]

Magda - it's very interesting, isn't it. I'm sure Putin has many reasons for attempting to "save" Iceland ranging from the long-mooted links between Russia's mobski and Iceland's money-launderers, through to his geopolitical claims on the North Pole and its resources.

There is also a bittersweet irony about Brown, acting in the name of the Mother of Parliaments, using anti-terrorist legislation to seize the assets of a European country, whilst the "KGB authoritarian thug", Putin, (in the MSM shorthand), actually rides to Iceland's rescue on a white, um, polar bear.

Ultimately, though, I don't buy the claim that by stopping Iceland defaulting, Russia prevents a domino collapse of European banks. Italy or Ireland could keel over and die on Monday, with even more catastrophic consequences than Iceland defaulting.