More financial turmoil is occuring in Iceland today, but you wouldn’t know about it from CNN, which largely ignored the news.  The Associated Press had a limited view, from this article:

Iceland’s coalition government collapsed on Monday after an unprecedented wave of public dissent, plunging the island nation into political turmoil as it seeks to rebuild an economy shattered by the global financial crisis…

Iceland has been mired in crisis since October, when the country’s banks collapsed under the weight of debts amassed during years of rapid expansion. Haarde’s government has nationalized banks and negotiated about $10 billion in bailout loans from the International Monetary Fund and individual countries.

The value of the country’s krona currency has plummeted, hitting many Icelanders who took out special loans denoted in foreign currencies for new homes and cars during the boom years. In addition, Iceland must repay billions of dollars to Europeans who held accounts with subsidiaries of collapsed Icelandic banks.

Here is a youtube video from today’s Iceland protests:

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