Iceland government collapses

| 26/01/2009

(BBC): Iceland’s coalition government has collapsed as a result of an escalating economic crisis. Prime Minister Geir Haarde announced the immediate resignation of his cabinet, after talks with coalition partners broke down. Iceland’s financial system collapsed in October under the weight of debt built up during years of rapid growth. The currency has since plummeted, with unemployment soaring. The economy is forecast to shrink by 9.6% this year.  Go to article

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