Iceland's government topples amid financial mess

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January 27, 2009 04:52

 
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Iceland's coalition government has collapsed after an unprecedented wave of public dissent, plunging the island nation into political turmoil as it seeks to rebuild an economy shattered by the global financial crisis. Prime Minister Geir Haarde resigned and disbanded the government he's led since 2006. Haarde was unwilling to meet the demands of his coalition partner, the Social Democratic Alliance Party, which insisted on choosing a new prime minister in exchange for keeping the coalition intact. "I really regret that we could not continue with this coalition, I believe that that would have been the best result," Haarde told reporters Monday. Iceland has been mired in crisis since October, when the country's banks collapsed under the weight of debts amassed during years of rapid expansion.

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