We should follow Iceland’s example

ICELAND may have been the pioneer of recklessness during the credit boom but fortunately, compared with Ireland, it was also a pioneer in manipulating a swift economic recovery.

Nevertheless, Icelandic Prime Minister Geir Haarde, who was in power during the 2008-2009 monetary and property collapse, was recently before a special court in Reykjavik on charges of “failures of ministerial responsibility”.

He is just one of hundreds more that could face prosecution, not to mention those already convicted, for their part in one of Iceland’s worst financial disaster.