Russia agrees to provide Iceland with emergency loans of 4 billion euros ($5.4 billion).
Iceland's Financial Supervisory Authority takes control of troubled Landsbanki Bank.
October 9 - Kaupthing Bank, Iceland's largest bank, is nationalized by the country's Financial Supervisory Authority.
October 21 - Iceland's Kaupthing Bank fails to pay interest to its 50-billion-yen (US$493 million) bondholders in Japan.
October 29 - Danish-based low-cost carrier Sterling Airlines files for bankruptcy and stops all passenger flights after its cash-strapped Icelandic investors were unable keep the company afloat.
November
November 19 - The International Monetary Fund approves a US$2.1 billion rescue package for Iceland following its financial crisis.
