The government officially asked to help the International Monetary Fund (IMF) approving a loan of 2 billion and $ 100 million, supplemented by another 2 billion by some Nordic countries.
citizens' protests outside the parliament in Reykjavik increase. On January 23, 2009 are called early elections three days after the demonstrations and the pans are already mass and cause the resignation of Prime Minister, Geir H. Conservative Haarden, and all his government as a whole. It is the first government (and the only one I know) falls victim to this global crisis.
The April 25 general elections are held, from which emerges a coalition government formed Social-Democratic Alliance and the Left Green Movement, led by new Prime Minister Johanna Sigurdardottir.
In 2009 continues the bad economic situation of the country and the year closed with a fall in GDP of 7%.
Through a law was widely discussed in the parliament is proposed on debt repayments to Britain and the Netherlands by the payment of € 3 billion and a half, a sum that will pay all the Icelandic families each month for the next 15 years at 5.5% interest . The people are returning to fill the streets and demand that the law to referendum. In January 2010 President, Ólafur Ragnar Grímsson, refuses to ratify it and announces that there will be a public referendum.
In March, the referendum is held and upon payment of the debt wins hands down with 93% of the vote. The Icelandic revolution gets a new victory in a peaceful manner.
The IMF's economic aid to Iceland frozen pending the payment of its debt.
At this point, the government has begun a search to find the legal responsibility for the crisis. Beginning of the arrests several bankers and senior . (Read more here ).