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...short-term debt, as the krona suddenly depreciated and interest rates soared. Fear rapidly spread to the United Kingdom and the rest of Europe, where residents had deposited billions in the other two Icelandic banks attracted by their high interest rates. Amidst the banking run that immediately followed, the British government transferred authority over an Icelandic subsidiary in the UK, and then sold it to the Dutch firm ING. Because Landsbanki had over 300,000 British depositors through its Icebank subsidiary, Prime Minister Gordon Brown’s government used anti-terrorist legislation to freeze Icelandic assets...

Author: By Pierpaolo Barbieri | Title: Gone With the (Arctic) Wind | 10/29/2008 | See Source »

...there are other possible explanations for the missing opium. While fewer people in Europe and the U.S. use heroin - cocaine is much more popular among young drug users - heroin addiction is a growing problem in Russia and China. The spokesman for the British law-enforcement agency believes that the missing opium could be making its way to these growing markets, which may not yet be showing up on U.N. drug-consumption figures. "Some of the missing opium might also be lost during smuggling or processing, or be stashed everywhere from Kandahar to Turkey - even Western Europe," says Paul Smyth, head...

Author: /time Magazine | Title: Is the Taliban Stockpiling Opium? And If So, Why? | 10/29/2008 | See Source »

Sunday will mark one year since a 21-year-old British exchange student was found slashed to death in the apartment she shared with her angel-faced American roommate Amanda Knox in the picturesque Italian city of Perugia...

Author: /time Magazine | Title: Expat Knox to Stand Trial in Italy Murder | 10/29/2008 | See Source »

...their allegation that the victim was forced into an orgy. (Even last week, Italy's leading daily Corriere della Sera reported that Knox had to fend off lesbian advances of a fellow prisoner.) The prosecution's court-room reconstruction of how they believe the life of the popular British exchange student, known to her friends as "Mez", was brutally cut short. After trying to force Kercher to join in group sex with them and Knox, prosecutors say the men held the victim down, and it was the American who allegedly slit her roommate's throat...

Author: /time Magazine | Title: Expat Knox to Stand Trial in Italy Murder | 10/29/2008 | See Source »

...years. The whereabouts of the missing opium is a mystery so far, but international drug- and law-enforcement agencies say they believe the Taliban has begun to stockpile large quantities of the drug, which is worth about $464,000 per ton once it is exported from Afghanistan. When British forces recently occupied Musikalia in Helmand province, they uncovered a stockpile of 45 tons of opium. But that's a tiny fraction of what has disappeared. "Where is it? We have been asking," says Antonio Maria Costa, head of the U.N. drug office. He recently appealed to NATO forces and Western...

Author: /time Magazine | Title: Is the Taliban Stockpiling Opium? And If So, Why? | 10/29/2008 | See Source »

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