The world at a glance . . . Europe
Europe
Reykjavik, Iceland
Russia to the rescue: Iceland was forced to take a $5.4 billion loan from Russia this week to avoid defaulting on its sovereign debt. “We have not received the kind of support that we were requesting from our friends,” said Icelandic Prime Minister Geir Haarde. “So in a situation like that one has to look for new friends.” Earlier this week, Iceland nationalized its second largest bank, Landsbanki. The financial crisis engulfing Europe has hit Iceland especially hard, because the Icelandic economy had already been in trouble for the past few years. High inflation and the 2006 closure of a U.S. military base, a large employer in the southwest of the country, have taken a toll.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Pope denounces greed: Pope Benedict XVI said this week that the global economic crisis should lead the nations of the world back to religion. “We are now seeing, in the collapse of major banks, that money vanishes, it is nothing,” Benedict said, opening a monthlong meeting of Roman Catholic bishops from around the globe. “He who builds only on visible and tangible things like success, career, and money, builds the house of his life on sand,” he said. “Only God’s words are a solid reality.” The Vatican has also been running articles in its official newspaper, L’Osservatore Romano, that criticize the free-market model for having “grown too much and badly in the past two decades.”
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
The week's best photos
In Pictures A tomato fight, painting behind bars, and more
-
Mountainhead: Jesse Armstrong's tech bro satire sparkles with 'weapons-grade zingers'
The Week Recommends The Succession creator's first feature film lacks the hit TV show's 'dramatic richness' – but makes for a horribly gripping watch
-
This Atlantic hurricane season is expected to be above average
Under the radar Prepare for strong storms in the coming months
-
The news at a glance...International
feature International
-
The bottom line
feature Youthful startup founders; High salaries for anesthesiologists; The myth of too much homework; More mothers stay a home; Audiences are down, but box office revenue rises
-
The week at a glance...Americas
feature Americas
-
The news at a glance
feature Comcast defends planned TWC merger; Toyota recalls 6.39 million vehicles; Takeda faces $6 billion in damages; American updates loyalty program; Regulators hike leverage ratio
-
The news at a glance...United States
feature United States
-
The bottom line
feature The rising cost of graduate degrees; NSA surveillance affects tech profits; A glass ceiling for female chefs?; Bonding to a brand name; Generous Wall Street bonuses
-
The news at a glance
feature GM chief faces Congress; FBI targets high-frequency trading; Yellen confirms continued low rates; BofA settles mortgage claims for $9.3B; Apple and Samsung duke it out
-
The week at a glance...International
feature International