Fed up with years of belt tightening and soaring debt, Icelanders ousted the Social Democrats on Saturday, handing the biggest defeat to any ruling party since independence from Denmark in 1944. Once a European financial center, Iceland has struggled for years after a crash. After amassing assets worth more than 10 times Iceland's GDP, the country's privatized banks Landsbanki, Kaupthing and Glitnir collapsed in quick succession, dragging the entire country into a financial abyss in October 2008. "People seem to have a very short memory," Halldor Gudmundsson, 44, said after casting his ballot. "These are the parties that got us into the mess in the first place."
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