From Iceland — Geir "Had No Options", Says Davíð

Geir “Had No Options”, Says Davíð

Published March 7, 2012

Former Central Bank chairman and current Morgunblaðið editor Davíð Oddsson said at the trial of Geir H. Haarde yesterday that Geir had few options at his disposal in terms of dealing with the banks.
As reported Davíð took the stand yesterday in the trial of former Prime Minister Geir H. Haarde, who stands accused of negligence and mismanagement contributing to the 2008 financial collapse. Davíð’s testimony lasted well into the evening.
Davíð seemed to simultaneously lay the blame at the feet of – as well as defend – his former colleague. While saying that he did warn Geir that a crash was coming, he added that he did not blame Geir for not believing him. While agreeing with Geir that no one could have predicted the crash, he also said he knew the banks were on their way down as early as the beginning of 2008.
In terms of what Geir could have done differently, Davíð said that Geir could have resigned in September 2008, but that that would have been “irresponsible”. Rather, Davíð emphasised that he believed there was nothing Geir could have done as Prime Minister to put the brakes on the crash.

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