Following yesterday’s poorly reported court findings, that Iceland did not have to reimburse Dutch and Uk savers (more here) the Iceland’s President Olafur Ragnar Grimsson tells Al Jazeera how letting the banks fail has helped Iceland turn it’s economy around in just four years.
Refusing to follow the road map of austerity adopted by the slavish governments across Europe, the Icelandic parliament opted to let the banks fail. They refused on the whole to pay back customers (or the banks representing them), they pursued socio-economic policies that protected the poorer rather than the richer members of society and now they are in recovery with falling unemployment.
When they say it’s Iceland’s way or Frankfurt’s way, it’s not what Pat Rabbitte might call an empty election promise. Meanwhile in a room not far away Enda and his fellow intellectual dwarfs were shaking hands over a one-sided deal that has further enslaved the country.