Tuesday, January 27, 2009


It was covered in the noon news on CNN complete with on-site reporter showing the riots, but in the evening news it was nowhere to be seen. Iceland's government collapsed yesterday over the world financial crisis:

Global Financial Crisis Claims Iceland
By Jonas Moody / Reykjavik Monday, Jan. 26, 2009

Iceland is getting used to this. Over the past six months its currency has collapsed, its largest banks have all failed and been nationalized, and its economy has imploded. Today the tiny (pop: 320,000) nation became the first to lose its government to the global financial crisis. Addressing the press, Iceland's Prime Minister Geir Haarde announced the resignation of his cabinet and the collapse of the current coalition government. The Conservative leader said that he could not "accept the Social Democratic demand that they would lead the government.

The announcement came after three months of public protests over the government's role in the economic meltdown last October.

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