Senin, 23 April 2012

Former Iceland PM let off by courts

Former Iceland PM let off by courts

By Harry Glass

PUBLISHED: 10:34 EST, 23 April 2012 | UPDATED: 10:34 EST, 23 April 2012

The former prime minister of Iceland - the only leader in the world to face prosecution over the global financial crisis - has escaped punishment by a court.

Geir Haarde, 61, was found guilty of one charge related to the collapse of the country's banks in 2008 but exonerated on three other charges.

The special court of impeachment was set up in 1905 but this was its first trial. Haarde was found guilty of failing to hold dedicated cabinet meetings ahead of the crisis.

Geir H. Haarde

Geir Haarde: The verdict may not satisfy a public which wants answers

'It is absurd,' Haarde told reporters after the verdict.

'It is obvious that the majority of the judges have found themselves pressed to come up with a guilty verdict on one point, however minor, to save the neck of the parliamentarians who instigated this.'

There has been anger on the North Atlantic island as many wonder why none of the men in charge of the banks that collapsed have been tried - even though a handful of charges have been brought and dozens of investigations are underway. Icelanders took to the streets during the crisis, clashing pots and pans outside parliament in downtown Reykjavik.

The protests sometimes turned violent in a country renowned for its peaceful nature.

The verdict, broadcast live on TV, may not heal wounds and may lead to questions over who should take responsibility for a crisis that was emblematic of the global credit crunch.

Though the economy is recovering from the crisis and Iceland successfully completed a bailout programme led by the International Monetary Fund, people remain distrustful of state institutions. Polls show that parliament currently has the support of only 10 per cent of the public.

Iceland's biggest banks were all taken over by the state in late 2008 after the credit crunch sparked by the collapse of Lehman Brothers froze their access to funds. The state ring-fenced the banks' domestic operations, letting their international operations go bankrupt.

Some economists have praised Iceland for letting the banks go under, though it remains in a dispute with Britain and the Netherlands over refunds for depositors in Landsbanki, an Icelandic bank that used to operate in those countries.

Capital controls are still in place, damaging the country's economic recovery and analysts say the Icelandic people are more divided than ever before.

Here's what other readers have said. Why not add your thoughts, or debate this issue live on our message boards.

The comments below have not been moderated.

  • Newest
  • Oldest
  • Best rated
  • Worst rated

Like Gordon Brown, Haarde did not micro -manage the banks,they were expected to conduct their affairs in a responsible manner without an intrusive overseer.That they did not places the blame for the current crisis squarely on them and not the aforesaid politicians.

Report abuse

When will Gordon Brown, Balls et al be appearing in the dock? Bring back the guillotine, the French will be doing so if the socialists regain power.

Report abuse

When will Gordon Brown, Balls et al be appearing in the dock? Bring back the guillotine, the French will be doing so if the socialists regain power.

Report abuse

Someone is picked out as a scapegoat to take the can for the ''OTHER" shysters! ALL IN IT TOGETHER!

Report abuse

People in power always get off! Look at Gordon Brown who devastated the UK economy!

Report abuse

The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline.

Diposting oleh di

Tidak ada komentar:

Posting Komentar

Langganan: Posting Komentar (Atom)