The Secret of Iceland’s Miracle Economic Recovery: Jail Bankers, Let Banks Go Bust & No Bail-Out

Posted by on June 13, 2015 in Economy with 1 Comment
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Source: RT

Iceland is set to become the first Euorpean country to beat its pre-crisis economic output. Back in 2008 the country suffered the biggest banking collapse in history, seven years on – its one of the best country's in the world for business.

As Iceland’s banking system went into meltdown at the start of the global financial crisis, it came under enormous pressure from the rest of Europe to accept crippling austerity measures that would have burdened its people for generations to come. And yet the tiny island nation stood up to the European Goliath, defiantly opting for democracy even as it stood on the brink of bankruptcy.

Iceland’s government appointed a special prosecutor to investigate its bankers after the world’s financial systems were rocked by the discovery of huge debts and widespread poor corporate governance.  Iceland’s supreme court later upheld convictions of market manipulation for four former executives of the failed Kaupthing bank in a landmark case that the country’s special prosecutor said showed it was possible to crack down on fraudulent bankers. Nobody is to big to fail or jail.

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  1. danschafer40@yahoo.com' Dan Schafer says:

    I have passed the story of Iceland jailing the criminal bankers to so many. I have expressed my hope that are so called representatives will some day be also charged as accessories because they did nothing but bail out criminals. Thanks for the updates on the banker criminals.

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