Iceland's PM resigns on the back of global economic turmoil
Iceland's Prime Minister Geir Haarde has quit office following violent protests against his coalition’s policies that resulted in the collapse of the country’s currency and banking system. But Haarde said his coalition would stay around till the elections scheduled for early May 2009. Iceland's economic meltdown is so severe that Haarde’s Independence Party and its Social Democratic Alliance partners are unable to find even wiggle space. If it was not for the meltdown, Haarde and Ingibjorg Solrun Gisladottir, who heads the Alliance party, would have held on till 2011. Their two-thirds parliamentary majority would have ensured their blissful sojourn, but now, with things deteriorating steadily, the 57-year-old Haarde is the first world leader forced to exit due to the financial turmoil.
Haarde's popularity fell steeply in public ratings after Iceland’s deeply indebted economy fell apart in the midst of the global debt crisis. As the crown (Iceland's currency) fell, the government was left with just one option: to seize control of its three major banks.
Iceland's Prime Minister Geir Haarde has quit office following violent protests against his coalition’s policies that resulted in the collapse of the country’s currency and banking system. But Haarde said his coalition would stay around till the elections scheduled for early May 2009. Iceland's economic meltdown is so severe that Haarde’s Independence Party and its Social Democratic Alliance partners are unable to find even wiggle space. If it was not for the meltdown, Haarde and Ingibjorg Solrun Gisladottir, who heads the Alliance party, would have held on till 2011. Their two-thirds parliamentary majority would have ensured their blissful sojourn, but now, with things deteriorating steadily, the 57-year-old Haarde is the first world leader forced to exit due to the financial turmoil.
Haarde's popularity fell steeply in public ratings after Iceland’s deeply indebted economy fell apart in the midst of the global debt crisis. As the crown (Iceland's currency) fell, the government was left with just one option: to seize control of its three major banks.
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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