Iceland’s senior minister resigns as government becomes first global political casualty of the credit crunch
Sunday, January 25th, 2009 | 
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Posted by John under: Perplexity,Root of All Evil
Protesters clash with police in Reykjavik during a demonstration against the Icelandic government’s handling of the country’s financial crisis
To view dictionary popup window put your cursor on the blue scripture words.
Perplexity
“…upon the earth distress of nations, with perplexity•Strongs 640: aporia, ap-or-ee´-a; from the same as 639; a (state of) quandary:—perplexity.
•Strongs 639: aporeo, ap-or-eh´-o; from a compound of 1 (as a negative particle) and the base of 4198; to have no way out, i.e. be at a loss (mentally):— (stand in) doubt, be perplexed….”
—Luke 21:25
Root of All Evil
“For the love of money is the root •Strongs 4491: rhiza, hrid´-zah; apparently a primary word; a “root” (literally or figuratively):—root of all.of all evil •Strongs 2556: kakos, kak-os´; apparently a primary word; worthless (intrinsically, such; whereas 4190 properly refers to effects), i.e. (subjectively) depraved, or (objectively) injurious:—bad, evil, harm, ill, noisome, wicked. …..”
—1 Timothy 6:10a
Iceland’s Minister of Commerce Bjorgvin Sigurdsson has resigned, two days after the prime minister announced his own departure due to pressures from the island nation’s economic collapse.
Mr Sigurdsson, a member of Iceland’s junior Social Democrat coalition party, made the announcment at a news conference this morning.
‘I have decided to do this to take responsibility,’ he said.
Prime Minister Geir Haarde shocked the country on Friday when he said he would not seek re-election and called for a general election on May 9.
The government of Iceland became the first in the world to be effectively brought down by the credit crunch.
It came after several nights of rioting over the financial crisis.
A poll would not normally be held until 2011.
Mr Haarde also revealed that he had been diagnosed with a malignant tumour of the oesophagus and would not seek re-election.
‘I have decided not to seek re-election as leader of the Independence Party at its upcoming national congress,’ he told a news conference.
The global financial crisis hit Iceland, which has a population 320,000, in October, triggering a collapse in its currency and financial system under the weight of billions of dollars of foreign debts incurred by its banks.
The economy is set to shrink 10 percent this year and unemployment is surging.
Critics wanted Mr Haarde, the central bank governor and other senior officials to resign.
Some senior figures in his party have also said they favour an early election, but Mr Haarde had up to now vowed to defy plunging popularity and stay on.
Protests had been held weekly since the crisis broke last year, but since Tuesday have been held every night.
On Thursday, police used teargas on demonstrators for the first time since protests against the North Atlantic island’s entry into the NATO alliance in 1949.
Special forces had to rescue Mr Haarde from his car after he was surrounded by an furious mob hurling eggs and cans outside the government offices, in Reykjavik.
The seething crowd spattered the building with paint and yoghurt, yelling and banging pans, hurling fireworks and flares at the windows and even lighting a fire in front of the main doors.
‘There were a couple of hundred (protesters) when they had to use the gas,’ police spokesman Gunnar Sigurdsson said. ‘It went on for two hours or so. There were no arrests. Some injuries, but not serious.’
Latvia, Bulgaria and other European countries hit hard by the global economic meltdown have also seen unrest.