The European Commission in it's first session this year in Brussels voted yesterday January 5th 2011 to freeze all Iceland's assets held in European banks as a result of the financial crisis.
Iceland closed its high street banks as a result of exposure to the secondary mortgage market.
However, an administrative error meant that the high street store Iceland PLC had its bank accounts suspended and was unable to access its banks to pay suppliers for 24 hours.
Commissioner Eric Van Driva, of the Netherlands apologised for the oversight and hoped for a rapid thaw in relations with Iceland PLC.
