The Washington Times - January 25, 2009, 11:16AM

Iceland’s prime minister and commerce minister have resigned because of the island nation’s failing economy amid the global recession, the Mail Online is reporting.

Prime Minister Geir Haarde and Commerce Minister Bjorgvin Sigurdsson announced their resignations last week and called for general elections in May. Elections normally would not be held until 2011.


The resignations make Iceland the world’s first government to be sacked because of the global credit crunch.

Couldn’t Iceland get a bailout somewhere?  Probably didn’t have enough lobbyists.

I didn’t know a country could go out of business.  Wonder what a country’s “going out of business” sale would look like, especially in Iceland: “Everything must go!  Eveything is 50, 60, 70 percent off!  We’ve got ice, but it’s going fast!”

These resignations might scare elected officials in other countries to do something about the global economy.  If only their economies are on the line, things might be tough for them.  But if their political careers are on the line, well, things might be downright desperate.