Former PM Contends He Could Have Had No Effect On Financial Collapse - The Reykjavik Grapevine

Former PM Contends He Could Have Had No Effect On Financial Collapse

Published January 27, 2012

Former Prime Minister Geir H. Haarde believes he could not have prevented the financial collapse of Iceland in 2008, and did not consider it his place to meddle in the affairs of private banks.
Geir H. Haarde is currently on trial, facing charges of negligence and mismanagement that contributed to the collapse. The Special Investigative Commission (SIC) report, researched over a period of months to examine what factors led to the disaster, repeatedly named Geir as being largely ineffectual, and frankly terrified of then Central Bank chairman Davíð Oddsson.
As the defence is about to testify, the news programme for television station Stöð 2 received a copy of the points his team intends to bring up to cast doubt upon his alleged guilt.
The defence will basically contend that Geir, as Prime Minister, had no authority to look into the affairs of private banks, nor to look further into their activities. Furthermore, they will contend that much of what he is accused of doing – or not doing – is more the fault of then Minister of Commerce Björgvín Sigurðsson than Geir.
It remains uncertain when a proposal to end the trial altogether, led by his compatriots in the Independence Party, will be put to the floor of parliament for a vote.

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