Icelandic PM Geir Haarde Announces Resignation of Cabinet

Icelandic Prime Minister Geir Haarde has announced the resignation of his cabinet as the country continues to struggle with an economic crisis that has all but ruined its financial system.

Facing daily protests from people who have demanded a new government Haarde announced last week that there would be early general elections, nearly two years ahead of schedule. Haarde said the collapse of his cabinet was due in large part to a failure to communicate between coalition partners.

Since last October Haarde’s Independence Party and Foreign Minister Ingibjorg Gisladottir’s Social Democratic Alliance haven’t reached an agreement on how to pull Iceland out of its economic crisis. Since that time unemployment has continued to rise while their currency has dropped.

Speaking to reporters after the announcement Haarde stated “I really regret that we could not continue with this coalition. I believe that that would have been the best result.”

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