Associated Press 03/05/12 Anna Andersen
“Iceland ‘s ex-PM faces trial over financial crisis”
REYKJAVIK, Iceland (AP) -- A former prime minister of Iceland on Monday rejected charges he failed to adequately protect his country's economy from financial shocks, as he took the stand in the first criminal trial of a world leader to result from the 2008 financial crisis.
Geir Haarde said neither he nor financial regulators knew the real state of Icelandic banks' precarious finances until they collapsed in October 2008.
Haarde is accused of negligence for failing to prevent the financial implosion from which the small island country is still struggling to recover.
Common Sense Review
The Prime Minister and/or President needs to be held accountable for their action. When leaders side step the “check and balances” process, they need to be responsible on the effects on the people. Leaders have several advisors on all kinds of issues at their disposal so when they decide against advisement and it impedes on the economic and safety structure of that country, then yes there is a breach of trust which has legal implication.
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