The Dutch Government has officially quit after failing to agree on a plan that would lower their deficit and comply with European Union regulations.

Reports state that Prime Minister Mark Rutte has tendered his resignation, as well as the resignations of his entire cabinet to Netherlands Queen Beatrix, effective immediately.

This resignation comes after Rutte’s attempt to resolve the Netherlands debt crisis with a new austerity package, whose talks collapsed over the weekend.

Diederik Samsom, opposition Labor Party leader accused Rutte of “dropping the ball at the worst possible moment” for the economy, and also demanded that elections should take place as soon as possible.

As of yet there is no set date for elections, though opposition leaders expect they may be held in late June.

The Dutch government is just the latest casualty in the euro debt crisis, which has plagued several countries in Europe.

It is also embarrassing for the Netherlands, as they are the ones who have previously lectured Southern European nations about reining in public spending, when they apparently are unable to agree on their own plan.

The collapse also fueled huge losses in stock markets across Europe, as well as the United States, with losses taking place in Germany, Spain, and France.

After Rutte lect the palace on Monday, the Dutch government’s information service said in a statement that:

“Prime Minister Mark Rutte has offered to her Majesty the Queen the resignation of all ministers and deputy ministers with immediate effect. The Queen is considering the resignation, but has asked all ministers and deputy ministers to continue to do everything that is necessary in the interests of the kingdom.”

Amadeu Altafaj, spokesman for European Commissioner for Economic and Financial Affairs Olli Rehn said in a statement that:

“We remain confident that the Dutch government will continue its efforts to adopt measures, not to please Brussels or win votes in an election, but because this is beneficial to the country’s economy and to its citizens.”

Check out more information about the Dutch Government collapse here:

Dutch Government Collapses In Wake Of Budget Crisis is a post from: The Inquisitr