Icelandic Financial Crisis
The end of Geir's tenure as Prime Minister was marked by the dramatic financial crisis which engulfed Iceland from October 2008. In less than a week, the country's three major commercial banks (Glitnir, Landsbanki and Kaupthing) all had to be taken over by the government as they were unable to roll over their loans.
On 26 January 2009, Geir announced that he and the Social Democrats would not continue in the coalition government. He was replaced by Jóhanna Sigurðardóttir from the Social Democratic Alliance, formerly minister of Social Affairs and Social Security, on 1 February 2009.
On 8 April 2009, Geir stated that he was solely responsible for accepting controversial donations to the Icelandic Independence Party in 2006, ISK 30 millions from the investment group FL Group, and ISK 25 millions from Icelandic bank Landsbanki.
Read more about this topic: Geir Haarde
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