Iceland's Parliament building.
The global credit crisis, which is rapidly turning into one of the worst recessions known to mankind, has claimed its first national victim - poor battered and beleaguered Iceland. The economic crisis there has been the cause of the collapse of its coalition Government.
Reported in the Daily Telegraph, Tuesday 27th January, it stated that the 'Island's administration collapsed after talks on forming a new coalition failed.' There will be an election on the 9th May which had already been called.
All these problems have given the Icelandic population the false impression that if they join the euro all will be well, but in reality all will be bad. for should they join it would mean the loss of their independence and liberties, added to this, the euro is almost certain to collapse in the near future as it is too much of a straight jacket - what will little Iceland do then? What also will the other Eurozone countries do too as their financial systems fall to pieces around them? All we have to do is wait an see.