Video: Let banks fail, says Iceland’s president

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Icelandic President Olafur Ragnar Grimsson said part of the country's prescription to growing its economy in the wake of its terrible financial crisis was refusing to bail out the banks and rejecting austerity measures that put the burden on poor and working people.

Grimsson said one of the consequences of letting the bankrupt banks fail was it released mathematicians and technologists - previously employed by the banks - to use their talents elsewhere, thereby invigorating the country's economy.

Al Jazeera interviewed the president at the Davos World Economic Forum, Jan. 25, 2013.

Photo: Iceland's president at the 2010 World Economic Forum. (CC) 

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  • Hailing from Iceland.

    Our president was brave enough to put the Icesave business to a referendum and the EFTA court brave enough to institute justice. Our president is the hero of the day here in Iceland as is the public for going through a healthy and strong debate prior to the Icesave election where we rejectd the British/Dutch/EU attempt at enslaving us and our children and HOPEFULLY people abroad will find the bravery to stand up to their own governments when they are trying to bail their banks out, leaving the common man with the responsibility and ultimately the bill for bailing them out.

    Responsible banking thankyouverymuch.

    Posted by Rúnar Þór, 01/30/2013 4:49am (1 year ago)

  • I still want to know why our government bailed out all of the Bankers involved in bundling home payments and selling them for profits scheme. It is illegal to sell a house with out title and 99% of the Banks and lenders could not even find the documents but foreclosed on the poor home owners . Simple math would could have extended the payments out to 50 or 100 years so the home owners could have kept their property.

    Posted by SwampFox2U, 01/29/2013 6:27pm (1 year ago)

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