The Belgian government on Monday night became the first national administration to fall as a direct result of events linked to the global financial crisis.

Belgium’s King Albert II formally accepted the resignation of the coalition government led by Yves Leterme, prime minister – but ordered it to stay on in a caretaker capacity to deal with “day-to-day” business. He asked Wilfried Martens, 72, who ran nine Belgian coalitions from 1979 to 1992, to begin consultations on forming a new government and to report back with recommendations.