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Iceland economic crisis: the government embark on its first impeachment of former PM

Tuesday, 07 June 2011
Impeachment case against former Prime Minister of Iceland Geir Haarde was opened on  Tuesday in the capital Reykjavik, write newspapers IceNews.

Here Haarde was accused for his role during the financial crisis in which the Icelandic government had to take over all the country's big banks when they collapsed like flies in autumn 2008 with a gigantic loss.

The process had profound implications and its failure radiated to other countries such as Denmark, UK and Netherlands, hitting banks, companies, institutions as well as individuals.

Charges against the 60-year Geir Haarde are based on a White Paper on financial scandal published in the spring.

Haarde, refused, however, that he bears some responsibility for the Icelandic bank collapses and at a news conference on Monday, he stressed again his innocence.
“The accusations are ridiculous. Especially because the decisions that my government took in the run up to collapse, proved to be the right one,” held Haarde.

He describes Iceland's first ever impeachment as "political persecution".
“It's the first politically motivated trial in Iceland's history,” said the former prime minister.
Haarde could face up to two years in prison if found guilty. The case must run in the Supreme Court.
By Scancomarkse Team

Key Norwagian Facts

Official Name Republic of Iceland
President Olafur Ragnar Grimsson
Prime minister Johanna Sigurdardottir
Population 320,000
Capital City Reykjavik
Monetary Unit Icelandic Krona
  1 Krona = 100 aurar
Domain Name .IS
Int. Dialling Code +354
Official Language Icelandic
Religion Christianity
Main stock market Name OMX Iceland 6 PI ISK
Internet Speed 4.2 Mbps (2009)
Vital Links
Statistics ICELAND
Government of Iceland
Gateway to Iceland
Iceland trade directory
Iceland data market
Island business information from the prime ministry


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