Iceland's government meltdown
Moses struggled at times to lead the people of Israel who gathered in assemblies such as those described in this Sunday's first reading, but his problems pale in comparison to those of Iceland's political leaders. ...
Moses struggled at times to lead the people of Israel who gathered in assemblies such as those described in this Sunday's first reading, but his problems pale in comparison to those of Iceland's political leaders. On Monday Iceland's coalition government collapsed, leaving the island nation in political turmoil amid a financial crisis that has pummeled its economy and required an international bailout to keep the country afloat.
Prime Minister Geir Haarde said he was unwilling to meet demands from his coalition partners in the Social Democratic Alliance Party, which insisted upon the post of prime minister in order to keep the coalition intact. "It was an unreasonable demand for the smaller party to demand the premiership over the larger party," Haarde said.
Iceland has been mired in crisis since the country's banks collapsed under the weight of debts amassed during years of rapid expansion. Inflation and unemployment have soared, and the krona, Iceland's currency, has plummeted.
Thousands have joined noisy daily protests in the past week over soaring unemployment and rising prices.
Source: An article by David Stringer for the Associated Press