The Icelandic Government And Banking System Collapses

Geir Hilmar Haarde (born 8 April 1951) was Prime Minister of Iceland from 15 June 2006 to 1 February 2009 and Chairman of the Icelandic Independence Party from 2005 to 2009.

Geir initially led a coalition between his party and the Progressive Party. After the 2007 parliamentary election, in which the Independence Party increased its share of the vote, Geir renewed his term as Prime Minister, leading a coalition between his party and the Alliance. That coalition resigned in January 2009 after widespread protests following an economic collapse in October 2008.

Icelandic culture is based on the nation’s Norse heritage and its status as a developed and technologically advanced society. The country's cultural heritage includes traditional Icelandic cuisine, the nation’s poetry, and the medieval Icelandic Sagas. In recent years, Iceland has been one of the wealthiest and most developed nations in the world. In 2007, it was ranked as the most developed country in the world by the United Nations' Human Development Index and the fourth most productive country per capita. In 2008, however, the nation’s banking system systematically failed, causing significant economic contraction and political unrest that lead to early parliamentary elections making Jóhanna Sigurðardóttir the country's Prime Minister.