Weekly News Update

The first major casualty of the global crisis occured yesterday . 
I'm talking about the forced resignation of the government of iceland due to the effects of the global crisis. 
The coalition govt. of the right-wing Independence Party and the Social Democratic Alliance has come to an end. The Prime Minister met with the President of Iceland at 4 pm yesterday 26th Jan 2009 to formally deliver his government’s resignation.

CAUSES
Their banks collapsed last October, the exchange rate collapsed along with them and the government passed emergency legislation to try keep the country going. The banks started to get into trouble borrowing from other banks, and decided that opening up high interest savings accounts in the UK and elsewhere in Europe was a good idea.

Due in part to excessive risk taking,and inadequate management amongst others on the part of their banks,everything crumbled when the global financial crisis deepened. It is indeed a murky future for Iceland as their economy is projected to contract by about 10% this year and next.
More - http://eng.forsaetisraduneyti.is/

Octuplets !In the news today,a US woman has given birth to eight babies, becoming just the second person recorded in the US to have delivered a set of living octuplets. 

The US's first live-born set of octuplets was delivered in Houston, Texas, in 1998 to their Nigerian-born mother, Nkem Chukwu.

Photo: AP

• One baby died about a week later - but the surviving children celebrated their 10th birthday in December. 
  

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