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:
Here’s a great story from Bloomberg: