Article: "Icelandic government becomes first to be brought down by the credit crunch"
Excerpt(s): The government of Iceland today became the first to be effectively brought down by the credit crunch. After several nights of rioting over the financial crisis, Prime Minister Geir Haarde, surrendered to increasing pressure and called a general election for May. A poll would not normally be held until 2011. Haarde also revealed that he had been diagnosed with a malignant tumour of the oesophagus and would not seek re-election. 'I have decided not to seek re-election as leader of the Independence Party at its upcoming national congress,' he told a news conference. The global financial crisis hit Iceland, which has a population 320,000, in October, triggering a collapse in its currency and financial system under the weight of billions of dollars of foreign debts incurred by its banks. The economy is set to shrink 10 percent this year and unemployment is surging.
Link to Full Story: http://www.dailymail.co.uk/news/worldnews/article-1126682/Icelandic-government-brought-credit-crunch.html
Picture from Reuters, originally captioned: Quit: Iceland's Prime Minister Geir Haarde called a general election for May. He also revealed he has cancer and will not be standing for re-election.