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Russia's ultranationalist LDPR faction proposed on Wednesday that the lower house
Russia's ultranationalist LDPR faction proposed on Wednesday that the lower house of parliament hold a discussion on Iceland's loan request currently being negotiated in Moscow.

Russia started talks with Iceland on Tuesday to grant a 4 billion euro ($5.4 billion) loan to help the Nordic country through its financial woes.

"When granting such a loan we should also calculate our economic advantages," LDPR member Yelena Afanasyeva said.

She suggested Russia ask Iceland in exchange for the right to deploy military bases in the country.

Communist parliamentarian Nikolai Kolomiytsev supported the idea expressing astonishment as to why a NATO member state would want to borrow such a sum.

A Russian Foreign Ministry spokesman said no specific agreement had yet been reached.

The Icelandic delegation at the current talks is led by Sigurdur Sturla Palsson, director of the central bank's international and market operations.

Iceland's Central Bank said on October 7 that Russia had agreed to grant it a 4 billion euro loan. Finance Minister Alexei Kudrin said Russia treated Iceland's loan request favorably, but that a decision on whether to grant the loan would only be made after negotiations.

Stocks plunged sharply by 76.3% on Reykjavik's OMX Nordic Exchange Iceland on Tuesday as it reopened after suspending trading for three days.

The slump followed the nationalization of the country's three largest banks Kaupthing, Landsbank and Glitnir after the country's banking system failed following liquidity problems amid the ongoing global credit crunch.

The Icelandic government has assumed guarantees to protect deposits also held by residents and companies from other European nations, including the Netherlands and Britain.


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