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Facts
The 60-year-old Geir Haarde of the Icelandic conservative Independence Party was Prime Minister of Iceland from June 2006 to February 2009.

Icelandic banks engaged the same time in increasingly reckless lending activities.
When the crisis hit in the fall of 2008, banks had loan obligations, which were nine times larger than Iceland's GDP.

Icelandic government took over the nation's largest banks: Glitnir, Landsbanki and Kaupthing. That broke financial system together.
Haarde resigned after several months of angry and loud popular protest outside Parliament, the Althing, when the so-called pan insurgency became part of the protest.

A report named seven ministers responsible for the crisis. But in 2010 the Althing decided by a vote of 33-30, to only hold Haarde accountable and should be prosecuted.

Haarde risks two years in prison and hefty fines if convicted.

Iceland opened trail of former Prime Minister Geir Haarde

Tuesday, 06 March 2012
The Icelandic authorities are determined to start the process of prosecuting its former Prime minister, Geir Haarde on charges relating the to poor management of the economy when which collapsed in 2008. According to Geir Haarde, it is a prosecution without cause when his trial began on Monday.

Impeachment trial, which applies to Haardes responsibility of the Icelandic financial system collapsed in the autumn of 2008 has been described as unique. The 60-year-old Haarde is the only politician so far who has been called to account for policy mistakes made during the recent financial crises.

Landsdomur (National Court) was established in Iceland for over 100 years ago, but has never before been called.
The process is so rare that one need to go back long in history to find the trial against Finnish President Risto Ryti and Norway's "Führer" Vidkun Quisling after the war to equate something similar in the Nordic region.

In Europe, perhaps the most controversial trial and prison sentence was seen against former Ukrainian Prime Minister Yulia Tymoshenko for "abuse of power". In Iceland though, Haarde risks two years in prison and hefty fines if convicted.

Haarde, who earlier called the trial a "farce", said during Monday's hearing that he rejected all indicted and regard the charges as "baseless".
The investigation carried out after the bank collapses pointed out seven politicians accused to be accountable. However, it was later voted in the Icelandic parliament, Althing, that only Haarde would be held accountable.

The most serious indictment which was "gross negligence" was withdrawn as early as last fall. The trial is expected to continue until March 15, but it is unclear when the judgment will come thereafter.

Haarde has no regrets:
“We saved the country from bankruptcy. It is so much clearer now when you look at the situation and compare it to Ireland, not talk of Greece,” said Haarde recently.

Although the economy is recovering, the country still has intense currency problems. The crown regained only half its value it had before the crisis. The problems are so great that there is talk of ditching the crown and joinning the Canadian dollar.
By Scancomark .se

Facts
The 60-year-old Geir Haarde of the Icelandic conservative Independence Party was Prime Minister of Iceland from June 2006 to February 2009.

Icelandic banks engaged the same time in increasingly reckless lending activities.
When the crisis hit in the fall of 2008, banks had loan obligations, which were nine times larger than Iceland's GDP.

Icelandic government took over the nation's largest banks: Glitnir, Landsbanki and Kaupthing. That broke financial system together.
Haarde resigned after several months of angry and loud popular protest outside Parliament, the Althing, when the so-called pan insurgency became part of the protest.

A report named seven ministers responsible for the crisis. But in 2010 the Althing decided by a vote of 33-30, to only hold Haarde accountable and should be prosecuted.

Haarde risks two years in prison and hefty fines if convicted.

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