The Fall of Iceland's Government - The First Global Shock In Year of the Ox

The collapse of the government of Iceland sent vibration all over, making the world wonder what else are on the pipeline. And this happened on the first day of Year of the Ox.

In the wake of the outbreak of financial crisis worldwide, Geir Haarde became the first leader to fall as a direct result of the turmoil.

It appears that the snowball effect of the economic crisis is building up and it is going to pinch us hard.

The photo shows Iceland's President Olatur Rognar Grimsson (R), Chairman of the Social Democratic Alliance Ingibjorg Gisladottir (C) and Chairman of the Left-Green Party Steingrimur Sigfussion leaving after a news conference in Reykjavik January 27, 2009.