“Students interested in economics and finance should closely follow this new Iceland saga, for it is the most dramatic story yet to illustrate how reckless bankers let loose in a free market can destroy entire economies.” – Uwe E. Reinhardt November 3, 2008
It is a dark Monday evening.
Currently there is no government in Iceland.
It is actually better than having a government like the one that has left the stage.
Unfortunately the feeling is that we’ll be longing for this quiet moment in time soon.
It seems like the Samfylkingin’s demand that David Oddson would resign from his post as Central Bank Governor was one of the largest obstacles within the government that drew its last breath today.
It’s always David.
The Independent Party is apparantly dependent on one man’s whims.
Iceland’s coalition government has collapsed as a result of an escalating economic crisis.
From the BBC
We figured the driver taking us to a New York airport didn’t know much about our destination when we said we were going to Iceland and he asked us to spell it.
“Oh,” he said. “The bankrupt country.”
From the Pittsburg Post Gazette
Hopeless romantics should note that they began with a kiss and it ended with a kiss as well.
Which is nice.
Geir Haarde was asked when he announced the resignation of his government whether he accepted any responsibility for the economic crisis. He did not think so.
The Guardian on the other hand claims he is one of the top 25 people most responsible worldwide for the crash.
Geir Haarde just announced that the government of the Independent Party and Samfylkingin has ended.
He claims it was Samfylkingin’s insistence on getting the prime-minister’s chair that could not be agreed upon.
He thinks the best solution for now is a national(popular) government with the co-operation of all parties in government.
It only took three months to get to the conclusion most people had come to several weeks ago.
