Published: Tuesday, March 6, 2012, 12:01 a.m.
Iceland’s ex-leader on trial in economic meltdown
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REYKJAVIK, Iceland -- Iceland's former prime minister has rejected charges he failed to adequately protect his country's economy from financial shocks in the first criminal trial of a world leader over the 2008 financial crisis.
"I reject all accusations, and believe there is no basis for them," Geir Haarde said as he took the stand on Monday.
Haarde became a symbol of the bubble economy for Icelanders who lost their jobs and homes after the country's main commercial banks collapsed in 2008, sending its currency into a nosedive and inflation soaring.
Prosecutors opened the case at a special court being convened for the first time in Iceland's history. Part of their case hinges on a charge that Haarde failed to implement recommendations a government committee had drawn up in 2006 to strengthen Iceland's economy.
Associated Press
"I reject all accusations, and believe there is no basis for them," Geir Haarde said as he took the stand on Monday.
Haarde became a symbol of the bubble economy for Icelanders who lost their jobs and homes after the country's main commercial banks collapsed in 2008, sending its currency into a nosedive and inflation soaring.
Prosecutors opened the case at a special court being convened for the first time in Iceland's history. Part of their case hinges on a charge that Haarde failed to implement recommendations a government committee had drawn up in 2006 to strengthen Iceland's economy.
Associated Press
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