Iceland's Prime Minister, Geir Haarde, resigned on Monday, January 26, 2009 in lieu of the failing banking system and financial collapse of the country. During heavy protests demonstrators had burned an effigy of the Prime Minister on January 21. The Social Democratic Alliance party was formed to fill the void and the new coalition Jóhanna Sigurðardóttir took over as Prime Minister on January 30. The new government will stay in place until elections that were already scheduled in May take place. The collapse of this government is part of the global financial collpase that is occuring as the 528 Intellectual is crossing up through the midpoint of chaos that puts world in a 12-year period of transitional crisis from 2000 – 2012.