Iceland and the International Monetary Fund was to stem capital outflows, to restore confidence in the Icelandic economy and to thus stabilize the Icelandic Krona (ISK) 2008–2011 Icelandic financial crisis. Measures adopted by Iceland included an emergency nationalization of the failing banks, a vote of the Icelandic parliament gave the FME (Icelandic Financial Supervisory Authority) broad authority over the insolvent banks. FME proceeded to audit these banks and to split their assets. Measures were also introduced to increase the minimum capital adequacy ratio of the banks to 10% as a part of the effort to re establish confidence in the economy. As a part of these
Iceland–United States relations to a number of the same international organizations, including the United Nations, the Organization for Security and Co-operation in Europe, Arctic Council, Organisation for Economic Co-operation and Development, International Monetary Fund, World Bank, and World Trade Organization. Only two U.S. presidents have visited Iceland whilst in office: Richard Nixon in 31 May-1 June 1973 and Ronald Reagan in 9–12 October 1986. President Richard Nixon was the first U.S. president to visit Iceland when he visited on 31 May - 1 June 1973. Reagan attended the Reykjavík Summit in 9–12 October 1986 with Soviet leader Mikhail Gorbachev. It was a highly