Former PM denies all charges as trial begins

A former prime minister of Iceland has rejected charges that 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 Oct 2008.

“I reject all accusations and believe there is no basis for them,” Haarde said. He said it was the first chance he had to answer questions in the case.