Bjorgvin Sigurdsson, the Icelandic Minister of Commerce has stepped down. The minister has decided to take responsibility for his part of the economic and political turmoil now enveloping Iceland, his last act as a minister was to fire the head of the Icelandic financial supervisory authority.

As he introduced this decision to the FSA chairman, Jon Sigurdsson, the chairman himself decided to resign. Bjorgvin announced his decision in letter sent to the Prime Minister of Iceland, Geir H. Haarde, this morning.

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