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But Dr Jon Danielsson, an Icelander who teaches economics at the London School of Economics, believes that while the timing of the crash was dictated by the global banking crisis, the scandal is unique among European financial institutions.

He believes the root of Iceland's problems that have now decimated its economy appear to have started when the government decided to privatise the banks in the early 1990s.

"Iceland got its regulations from the EU, which was basically sound," he says. "But the government had no understanding of the dangers of banks or how to supervise them. They got into the hands of people who took risks to the highest possible degree."


So the problem was just naive Icelandic government officials?  Just a few bad apples?  Nothing for the rest of you to worry about?

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Aug 19th, 2009 at 12:37:47 PM EST
[ Parent ]
I think actually that the problem is deeper rooted, and that there will have to be a second wave of the Icelandic revolution.

The nexus between the top echelons of business, executive and government appears to be so thoroughly incestuous and corrupt that this government will probably fall as well.

Probably it's only the Icelandic women who can be trusted to sort it out.

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Wed Aug 19th, 2009 at 03:41:09 PM EST
[ Parent ]
But the current government is supposed to be already about Icelandic women sorting it out... I don't understand...

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Wed Aug 19th, 2009 at 04:47:25 PM EST
[ Parent ]
Just a few headline appointments, I think.

"The future is already here -- it's just not very evenly distributed" William Gibson
by ChrisCook (cojockathotmaildotcom) on Thu Aug 20th, 2009 at 05:24:31 AM EST
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