Video: Let banks fail, says Iceland’s president

January 28, 2013 3:20 PM CST By Teresa Albano
Video: Let banks fail, says Iceland’s president

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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CONTRIBUTOR

Teresa Albano
Teresa Albano

Teresa Albano was the first woman editor-in-chief of People’s World, 2003-2010, leading the transition from weekly print to daily online publishing and establishing PW’s social media presence. Albano had been a staff writer for People’s World covering political, labor, and social justice issues for more than 25 years. She traveled throughout the U.S. and abroad, including India, Cuba, Angola, Italy, and Paris to cover the 2015 United Nations Climate Change Conference. An award-winning journalist, Albano has been honored for her writing by the International Labor Communications Association, National Federation of Press Women, and Illinois Woman Press Association.

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