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Iceland's former bank Governor criticizes Geir Haarde in first witness hearing but not very damaging

Tuesday, 06 March 2012
As the case against the Icelandic former Prime Minister, Geir Haarde, opens in earnest, one of the first witnesses called to the stands says that the Prime Minister would have listen to him more. He is the former governor of the central banks of Iceland
Iceland's former Prime Minister, Geir Haarde could have listened better to me, according to Iceland's former central bank governor, David Oddsson who is currently being interrogated and cross examined in the impeachment case hearing in which the former Prime Minister of Iceland is defending himself angst charges of country negligence. 
As a result, Haarde is also accused of not doing enough to prevent the banking crisis that almost made the country bankrupt 2008.
Despite what Oddsson said which on a broad sense was directly critical of Haarde, but his words which carry considerable weight in the trial, did not hold a very strong tie to weaken the prime ministers non guilty plea.

The former governor’s words were strong because he too was part of the politico-economic mix that stirred the country around that time. This is because he played a major role in the Icelandic politics for a long time, according to Jóhanna Vigdís Hjaltadóttir, political analyst on the Icelandic TV RUV.
“He has been a central figure in all that is going on in Iceland's politics since 1982 when he became mayor of Reykjavik. He was very popular, both as mayor and as Prime Minister. So this is interesting says political journalist Jóhanna Vigdís Hjaltadóttir.
During the banking crash and financial crisis David Oddsson was head of Iceland's central bank. There are those Icelanders who think he should have been prosecuted because he was involved in building up the Icelandic banking system. The same banking system that subsequently proved too weak as the financial crisis struck.
When the Icelandic nation at the moment gathered for the second day of the trial against former Prime Minister, Geir Haarde, it came out that there was poor co-operation between Ministers during the critical time.
This is the first time that Iceland is carrying out an in a politically selected court. The historic trial has been crowded. One of those who came to listen were Lukka Sigurdardottir who thinks it is good that politicians are forced to take responsibility.
“In the past, politicians have not had to resign if they ha done wrong. I hope this is the beginning of a new era.”
By Scancomark.se 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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