Iceland's government backs guarantees deposits

REYKJAVIK, Iceland (AP) -- The Icelandic government says it will guarantee all domestic savings deposits.

The Icelandic prime minister's office said Monday that deposits in the country's commercial and savings banks would be "fully covered."

European governments such as Ireland, Germany, Austria, Greece and Denmark have already moved to guarantee bank deposits.

But European regulators and other governments worry that the moves pose competition concerns and could limit efforts to stabilize Europe's troubled financial sector.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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