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Iceland President At Davos: 'Why Do We Treat Banks Like Holy Churches? It's Time To Stop The Bailouts And Let Them Go Bankrupt!'

How Iceland overthrew the banks.

Liz Claman interviews Iceland President Olaf Grimsson at Davos.

"We didn't follow the traditional prevailing orthodoxies.  Unlike the U.S. and EU, we forced bank bondholders to take losses.  And the end result four years later is that Iceland is enjoying progress and recovery.  Europe should let banks that are managed irresponsibly go bankrupt."


Meanwhile earlier today: 

Iceland Wins Court Ruling Over Icesave Bank Repayments To Britain, Netherlands...

Good background from Bloomberg:

IMF Declares Iceland Did Bailouts The Right Way, By Punishing Banks Bondholders


This is a great read:

JUSTICE - Iceland Hires An Ex-Cop To Hunt Down The Bankers That Wrecked It's Economy



Photo - Hundreds of people gather to submit a petition outside the home of Iceland's President Olafur Ragnar Grimsson in Reykjavik.

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Reader Comments (24)

President Blocks $5 Billion Icesave Bailout: "The People Should Decide"


Iceland’s President Olafur R. Grimsson refused to sign a $5 billion accord struck in December with the U.K. and Netherlands to repay foreign depositor losses and said the bill must instead be put to a referendum.
Jan 29, 2013 at 6:51 PM | Registered CommenterDailyBail
Everyone, and I mean everyone understands they have been ripped off. If the potus or some of his partners would even consider this thought, then we could get something done. Maybe this video should be constantly posted at CNN so as to elicit some sort of response.
Jan 29, 2013 at 6:55 PM | Unregistered CommenterSKINFLINT
ABC 20/20 Video: Iceland's Financial Crisis In 6 Minutes

Jan 29, 2013 at 6:56 PM | Registered CommenterDailyBail
Iceland rocks!
Jan 29, 2013 at 6:59 PM | Unregistered Commenterjohn

Until the Fed is out of the way, the stealth bailouts will continue. And as long as lobbying is encouraged and legal within our system, Wall Street will remain a dominant force in Congress. I see nothing on the horizon that will change either of these two realities. Just gotta keep fighting.
Jan 29, 2013 at 7:01 PM | Registered CommenterDailyBail
Gads DB aren't you tired?
Jan 29, 2013 at 7:07 PM | Unregistered CommenterSKINFLINT
first end the Fed ,then the Jamie's should be held accountable ...robin hood tax to kill the high frequency traders and start to give white collar crime the same level of jail sentences as blue collar crime.
Jan 30, 2013 at 3:21 AM | Unregistered Commentermick
DB Link on Lanny messed up.
Jan 30, 2013 at 6:31 AM | Unregistered CommenterSKINFLINT
Which link?
Jan 30, 2013 at 7:13 AM | Unregistered CommenterDailyBail
Lanny wants to kick my ass.
Jan 30, 2013 at 7:14 AM | Unregistered CommenterSKINFLINT
It also helped that Iceland is a homogeneous nation and have virtually none of the manipulating parasites that infect our nation.
Jan 30, 2013 at 7:18 AM | Unregistered CommenterBig Ben
The size have absolutley nothing to do with the damage done.

They try to scear You with this drivel about size, irrelevant, and besides, there is thousands of Banks that goes well, despite the present comotion.
What we are witnesing is the collaps of banks, that is owned by a litle click of people, they are interrelated all of them, all the bailout banks are runn by the same poeple, in Irland; Spain, England and the UssA.
Goldmann Sacs, and s.o.

Once THEY are removed, the problem is solved, the paperwork remove and taken ove by others, or create a totaly new bank(s) from the fallout from the bigg ones, like Norway did after the housing bobble in the 80, where the gov. simply seized the Bank, payed nothing or veeery litle to the shareholders, since they dont payed attention to the ordinare dayli activitys, they sleept at the helm and that is sollely their own reponcebility. If they say they where fooled, so what, then is a criminal case, and still, not a isse, where the gov. is acountable, the money is not lost, just removed, and that is not a problem to track.
The question is will they do anything, to do this, probably not.
And gess what, the goverment sole it with a hughe proffit,later when the hole bank was restructured and runn properly, then they sold it.

And some say that in Norway they are a soscialistic "comy" state, and is more or less like the Sovjet, wel stupid f.... no wounder you are going down, because you are totaly numb and have no clue at all.
Its the workers that have fighte for everything, soscial care, health care, eucation for free,a.s.o.
There have been episodes where our gov. threatened with the use of force, military incl.
I know, I crew up in a mining town, and have seen miniters come and go.
And above all, nothing in our land have comed without a fight, nothing of this was for free, but to day theres a 3 party system.
Workes unions, corp unions and the gov in the midle, thats why we are where we are to day.
And also there is the Unions biggest fallacy, to gett involved in politics, when they cold be a force, inpartial and solely focus on the aspects of soscialt where WE want to gov. to have their attentions on, like infrastructure, healthcare a.s.o.
Norway have a solid base, but we suffers from the same fallout of this Neo faudalism, monpolys and corruption.
lack of investments in most of the isses, incl inner climate in scools, something that needs long time investments and costs every sosciety hughe amounts of money to repair, when the children grows up.
Imporved climate will eventualy be an good invetment.

Capice, its not comunism, its democracy and respect of the rules involved.

Jan 30, 2013 at 8:13 AM | Unregistered Commentermikael
Right on, mikael. Iceland prosecuted and jailed bankers...



...and its unemployment rate plummeted:



In the U.S., no bankers have been jailed, so they quite rationally continue to loot everyone's accounts and fleece anyone dumb enough to trade in the stock markets. This fact has been exacerbated by the bankers' takeover of the executive branch, which coup d'etat was fully on display in "the Untouchables" piece by Frontline.

This is why the recovery is completely fake (only viewers of CNBC, which converts brains to tuna fish, believe in it), and the real unemployment rate continues increasing.
Jan 30, 2013 at 12:17 PM | Registered CommenterCheyenne
Iceland show the power of involved and active citizenry.

Here in America, we treat Banks as Churches because they ARE our churches. That is where we worship. It houses the idol we worship, Mammon- and we kneel accordingly- complete with ufll flagellation.
The Fed = the Vatican, and the top viziers as popes and Rothschild clan as the deified, untouchable sainthood.

Until a genuine revival or conversion transpires? America will go the way of their idols
Jan 30, 2013 at 2:10 PM | Unregistered Commenterpotus
Iceland’s president vilifies former British PM Gordon Brown over Icesave crisis

Jan 30, 2013 at 2:42 PM | Registered CommenterDailyBail
"Iceland show the power of involved and active citizenry."


http://iceland-dori.blogspot.com/2011/10/protest-today-in-iceland-and-members-of.html ("one member of parliement got an egg in his head”)
Jan 30, 2013 at 2:54 PM | Registered CommenterCheyenne
They don't call him Grimsson for nothing. I would like to pass this guy a handful of mushrooms and a 25 pound razor-sharp battle axe and turn him loose in congress.
Feb 15, 2013 at 2:06 PM | Unregistered CommenterHoward T. Lewis III
Iceland Issues More Indictments


World Economic Forum ranks Iceland as most welcoming holiday destination

Mar 21, 2013 at 7:42 AM | Unregistered Commenterjohn
Iceland's EU bid is over, commission told


BRUSSELS - Iceland's bid to join the EU is over, the country's foreign minister told the European Commission on Thursday (13 June).

"This is how democracy works," said Gunnar Bragi Sveinsson, on his first overseas trip, three weeks after being appointed to the recently elected Icelandic government.

He pointed out that both parties in the new government had campaigned against EU accession.

He commented that the main purpose of the trip had been "to tell the commission that the new government has made decision to put negotiations on hold.

"We are part of Europe and want to strengthen our relationship in other ways," he added.

Speaking during a frosty press conference with reporters on Thursday (13 June), Stefan Fule, the Czech commissioner responsible for EU membership bids, admitted that Iceland's decision was a personal blow.

"It was not easy for me as a person (to take the decision)," said Fule. But he added: "I am also a professional and I respect without any questions and any doubt, the will of elected representative and citizens".
Jun 16, 2013 at 9:41 AM | Unregistered Commenterjohn
Iceland Bailed Out the People & Imprisoned the Bankers


The man who forced the government of Iceland to resign, and removed the IMF representatives from his country, Hörður Torfason, is now teaching meta-modern democracy throughout Europe. The rest of the world would benefit from following the example set by Iceland: Arresting the corrupt bankers who are responsible for the current economic turmoil.

Iceland’s president explained how his country recovered so quickly from the recession: “The government bailed out the people and imprisoned the banksters — the opposite of what America and the rest of Europe did.”...
Aug 18, 2013 at 1:14 PM | Unregistered Commenterjohn
Iceland to pull out of EU talks


Iceland Prime Minister Sigmundur David Gunnlaugsson has reportedly said that his country is no longer involved in talks to join the European Union.

Gunnlaugsson has been quoted as saying talks to join the union were no longer really valid because of two reasons: it was not the government’s policy to accept what the last government was campaigning for, and because there had been several changes within the EU.
Jan 11, 2015 at 10:03 AM | Unregistered Commenterjohn
Thank God!!
Jan 11, 2015 at 12:25 PM | Unregistered Commenterskinflint

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