http://www.torontosun.com/2012/03/05/iceland-puts-former-pm-on-trial-over-crisis
REYKJAVIK - Iceland began the trial on Monday of former prime minister Geir Haarde for failing to prevent a 2008 financial crash, thought to be the only prosecution in the world of a political leader over the crisis.
Iceland’s top three banks all collapsed in late 2008 after years of debt-fuelled expansion. The country of just 320,000 people was forced to borrow around $10 billion from the International Monetary Fund and other lenders.
Parliament voted in 2010 to prosecute Haarde over the crisis at a special court of impeachment set up in 1905, which has never been used before. He has denied the charges.
“None of us realised at the time that there was something fishy within the banking system itself, as now appears to have been the case,” Haarde told the court in opening questioning from the special prosecutor investigating crimes linked to the crisis.
Many Icelanders blame a small and closely connected group of businessmen, bankers and politicians for the crisis.
Haarde is charged with gross negligence for failing to take proper measures to prepare for an impending financial crash.
REYKJAVIK - Iceland began the trial on Monday of former prime minister Geir Haarde for failing to prevent a 2008 financial crash, thought to be the only prosecution in the world of a political leader over the crisis.
Iceland’s top three banks all collapsed in late 2008 after years of debt-fuelled expansion. The country of just 320,000 people was forced to borrow around $10 billion from the International Monetary Fund and other lenders.
Parliament voted in 2010 to prosecute Haarde over the crisis at a special court of impeachment set up in 1905, which has never been used before. He has denied the charges.
“None of us realised at the time that there was something fishy within the banking system itself, as now appears to have been the case,” Haarde told the court in opening questioning from the special prosecutor investigating crimes linked to the crisis.
Many Icelanders blame a small and closely connected group of businessmen, bankers and politicians for the crisis.
Haarde is charged with gross negligence for failing to take proper measures to prepare for an impending financial crash.
