MSM: Icelandic government becomes first to be brought down by the credit crunch

The government of Iceland today became the first to be effectively brought down by the credit crunch.

After several nights of rioting over the financial crisis, Prime Minister Geir Haarde, surrendered to increasing pressure and called a general election for May.

MSM: Japan suffers biggest single-day stock drop for 20 years

Asia’s financial crisis deepened today after Japan’s Nikkei stock average fell almost 10% in its biggest single-day drop for more than 20 years.

The world’s second-biggest economy was also rocked by the collapse of an established life insurer: Yamato Life Insurance becomes the country’s first major victim of the US credit crunch.