How Iceland stalks its banksters
12 July 2012LE MONDE PARIS
In London, Barclays rigged the interest rates on interbanks loans [LIBOR] while in Madrid, Bankia cooked the books in order go public. How can banks be held accountable? Iceland has appointed a team of investigators that seeks out fraud and sends the perpetrators to court.
At the end of 2008, the Icelandic bubble burst as a consequence of the subprime crisis in the United States. Two weeks after the dramatic fall of Lehman Brothers, the country's three major banks – valued at 923% of gross domestic product (GDP) – collapsed. The crisis swept through the island, the Icelandic krona dropped in value and no intervention could halt its downward spiral. On October 6, 2008, live on national television, the then-prime minister ended his speech by asking God to "save the island".