Following Iceland, another European country Ukraine is facing national bankruptcy and needs financial assistance from International Monetary Fund, IMF.
IMF has so far spent 200 billions US dollars on rescuing countries in financial crisis. They include Byelorussia, Hungary and Pakistan.
It is expected that more and more small countries will need help from the IMF. Similar to Iceland, some of these countries tried to prevent money outflow from banks by forbidding people from withdrawing money from banks.
The situation that these banks, soon probably will either be nationalized using the IMF fund of being “assisted” by other international big corporations, will give a huge impact on the banking industry and financial climate of these nations. Originally privately owned banks by locals of these countries will become government owned or a part of capitalist imperialism of international giant corporations. Hence, governments receiving IMF should also be very careful in the way of using the money to make sure their local banks in crisis can maintain their independence, at least in some degree, so that they are able to resume independent management after the financial tsunami.