Monday, 26 January 2009

Icelandic government has collapsed

Iceland's coalition government has collapsed under the strain of an escalating economic crisis.

Conservative Prime Minister Geir Haarde announced the resignation of his cabinet, after talks with his Social Democratic coalition partners failed.

He said he could not accept the Social Democrats' demand to lead the country.


(Link)

Well, no one can say the writing wasn't on the wall! I guess they should count themselves lucky they haven't been lynched considering how badly they've managed the financial sector of their economy over the last few years. Or rather, not bothered managing it.

A year ago one US dollar could be purchased for a mere 60 Icelandic Krona (ISK). Today the Icelander would be forking out more than 120 Krona. They've lost half their wealth in slightly over a year. Ouch!

So, it's back to fishing, metals and tourism for Bjórn and Bjórk

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