A WORTHY EXAMPLE TO THE WORLD.....

 

The Icelandic method: the only nation to have condemned its elites after the 2008 crash

Following the collapse of its three main banks in 2008, Iceland took a radically different path from the rest of the Western world. Rather than bailing out the banks with public money ("Too big to fail"), the country went bankrupt, protected its citizens, and cracked down on white-collar crime.

Key facts about this exemplary justice system:

The unprecedented trial of a Prime Minister: An exceptional court, the Landsdómur, was created to try the then Prime Minister, Geir Haarde. Found guilty in 2012 of negligence for failing to hold adequate cabinet meetings in the face of the crisis, he avoided a prison sentence due to his age and the absence of personal enrichment.

Prison sentences for executives: The justice system has been uncompromising with those managing the economy. More than 30 top executives (CEOs and major shareholders of Kaupthing, Landsbanki, and Glitnir banks) have received prison sentences (ranging from 1 to 7 years) for market manipulation, fraud, and insider trading, as have regulators and central bank directors.

A successful economic recovery: By letting corrupt banks collapse and appointing an independent special prosecutor, Iceland enabled its economy to recover much faster than its European neighbors.

A historic model of financial and political responsibility that continues to be a benchmark.

A good report copied from the very little known site screen news, it struck me as indeed against the general trend of Western countries and many others, like Lebanon and other Middle-Eastern countries, whereby cover up is always the way to cover and not recover, Iceland example is indeed an exemplary model to adopt in top industrialized and developing smaller countries...

As always, my many thanks to all.