Iceland's Government Collapses

Iceland's Government

Collapses

Becoming 

First Major Casualty

Of 

Global

Financial 

Crisis

Its Prime Minister

Geir Haarde

Resigned

Yesterday (Monday,January 26,2009)

Disbanding

Coalition Government

Led By Him

Since 2006

Just Last Week

Haarde Called

For Fresh 

Elections In May 2009

Ahead of 2011 Schedule

Stating

He would 

Not Lead

His Independence Party

As He Plans

To Seek 

Medical Treatment

For Cancer

In The Netherlands

His Commerce Minister

Bjorgvin Sigurdsson

Quitted

On Sunday

Taking Responsibility

For Icelandic 

Economic Decline

Since October 2008

Iceland's Financial

And Currency 
Systems

Have Collapsed

Under Massive Debts ~

Todate The Largest 

Capital Destruction

Suffered By

Any Country

Relative To Its Size

In Economic History

Its Stock Exchange

Was Suspended

On October 9,2008

Hit By

Horrendous

Global Stock Market

Crash

When Icelandic

Stock Market 

Reopened On

October 14,2008

Value of Iceland's

Three Big Banks

Forming 73.2 percent

Of OMX Iceland 15's Valuation

Were Set At Zero

After Thin-trading 

Week

OMX Iceland Index

Closed At

643.1 Down

93 Percent

In Krona Terms

And 96 Percent

In Euro Terms

From Historic High

Of 9,016 (July 18,2007)

Market Capitalisation

Of Stock Market

Was Almost 

Wiped Out

As Iceland's

Financial Supervisory Authority (FME)

Took Control

Of Iceland's

Three Bankrupt Banks ~

Glitnir,Kaupting Bank

And Landsbanki

Over 840 Million 

British Pound

From More Then 

100 UK Local Authorities

Including Transport of London

Police Services

Fire Authorities

And Even

Audit Commission

Have Been Deposited

In The Insolvent Banks

And Relations

Between UK And Iceland

Have Soured

With British Prime Minister

Gordon Brown

Announcing UK Government

Would Launch 

Legal Action To 

Recover 4 Billion Pound

Placed BY

300,000 UK Savers

Individuals Go

Bankrupt

Banks Go 

Bankrupt

Now We

See National Bankruptcy

And Government Collapse 

Angry Citizens

In Iceland,

Size of Kentucky,

Volcanic Island

Located Off Artic Circle

In North Atlantic Ocean

Between Mainland Europe

And Greenland,

Have Held Noisy

Mass Protests

Banging Pots

And Kitchen Utensils

To Air Grouses

Over Hyperinflation

And Mass Unemployment

In Recent Months,

Rich Icelanders

Have Been 

Impoverished

By Foreign Loans

As Iceland's Krona

Currency 

Plummeted

US $10 Billion Bailout

From International Monetary Fund (IMF)

And Various Countries

Have Not Eased

The Credit Crunch

But Compounded It

When Interest Rates

Rose Sharply

Protestors Threw

Paint At the Althing,

The World's Oldest

Practising Legislative Assembly

Established in 930,

And Hit Haarde's Limosine

With Eggs

In Icelandic Capital

Reykjavik

Iceland

Once Named

An Investment Star

Was Ranked

World's Most Developed

Country By United Nations

Human Development Index

In 2007

It Was Also

Placed As World's

Fourth Most Productive

Country Per Capita

With Per Capita Income

Of US$64,547

And One of the World's Most 

Egalitarian Nations As Rated

By Gini Co-efficient

It Has

320,000 Population

Mostly Norwegian

and Celt Descendents

Spread Over Fertile Land

on 103,000 Square Kilometres

Vikings Led By

Chieftain Ingolfur Amarson

Settled On

The Scenic Volcanic Island

From 874

Setting Up

Europe's Oldest

Representative Government,

The Althing

Iceland

Has Rich Culture

And Heritage

Noted For Poetry

And Cuisine

Scenic Landscape

And Unique

Coat of Arms

With Cross In The Center

And Bull,Eagle,Dragon

And Rock-giant(Bergrisi)

As Protectors

Around It

During Nazi Occupation

Of Denmark

In World War II,

Iceland Declared

Itself A Constitutional Republic

On June 17,1944

After Popular Referendum

Since Then

It Has Developed

Scandinavian-style

Welfare State

With One of the World's

Healthiest And 

Most Educated People

Fishing Is Its

Principal Industry

Accounting For

75 Percent Of Exports

And 20 Percent Of GDP

Icelanders Also Earn

Living In Agriculture

Aluminium Smelting

Ferrosilicon Production

Geothermal Power

Tourism Finance 

And Services

Iceland's Figurehead

President Olafur Ragnar Grimsson

Will Hold Talks Today

To Form Interim Government

Pending Outcome 

Of Fresh Elections

He Is Expected 

To Pick 

Leader/Representative

Of Social Democratic Alliance

To Be Caretaker Prime Minister

Either Foreign Minister

Ingibjorg Solrun Gisladottir

Or Social Affairs Minister

Johanna Sigurdardotthir

Besides Iceland

Social Unrest

Also Spread

To Latvia

Lithuania

And Spain

As Upset Citizens

Suffering Crushing

Credit Crunch

Took Their

Economic Woes

To The Street

Sources:Canadian Business,AP,

Reuters,New York Times, Yahoo! News,International Herald Tribune,Wikipedia And Infoplease