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
Famous quotes containing the words financial and/or crisis:
“What people don’t realize is that intimacy has its conventions as well as ordinary social intercourse. There are three cardinal rules—don’t take somebody else’s boyfriend unless you’ve been specifically invited to do so, don’t take a drink without being asked, and keep a scrupulous accounting in financial matters.”
—W.H. (Wystan Hugh)
“Most observers of the French Revolution, especially the clever and noble ones, have explained it as a life-threatening and contagious illness. They have remained standing with the symptoms and have interpreted these in manifold and contrary ways. Some have regarded it as a merely local ill. The most ingenious opponents have pressed for castration. They well noticed that this alleged illness is nothing other than the crisis of beginning puberty.”
—Novalis [Friedrich Von Hardenberg] (1772–1801)