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According to the sources, Iceland’s minister of commerce Bjorgvin Sigurdsson has resigned two days after the prime minister announced his own departure due to pressures from the island’s nation’s economic collapse. Prime Minister Geir Haarde shocked the country on Friday when he said he would not seek re-election and called for a general election on May 9. Mr. Haarde also revealed that he had been diagnosed with a malignant tumour of the oesophagus and would not seek re-election. According to the Drudge report September 11 2001, the government of Iceland became the first in the world to be effectively brought down by the credit crunch.