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The parallels between the economic collapse in Ireland and that in Iceland are striking. However so are the differences. A year on Iceland is close to a full report into the links between government, banks and big business and evidence is being passed to a team of fraud investigators headed by a magistrate with no connection to the island.
Meanwhile a year on not one word of a single report into the Irish eoonomic collapse has appeared
..a government-appointed "truth commission" is shortly to deliver an official narrative of the collapse.
"These banks were allowed to grow out of all proportion. A peculiar atmosphere was created. There was a total lack of self-criticism, mostly in the political and financial world, but also in the media. These politicians and ideologists ... in many ways turned Iceland into a neoliberal laboratory. And the experiment had a terrible ending."Hreinsson says his report will address the big three banks' perilous exposure to a few companies and individuals – many of whom enjoyed an international reputation in recent years as Iceland's "business vikings", expanding aggressively overseas.
The truth commission is examining how and why more than half the value of loans advanced by the three banks were to just 100 concerns.
Focus on this issue has been heightened in recent weeks by the leaking of internal papers on major loans at Kaupthing. The papers detail huge bets Iceland's largest bank was taking on its closest clients, many of whom held a substantial interest in the bank's own shares and several of whom had been allowed to post shares as security for multimillion pound loans.Iceland one year on: small island in big trouble | Business | The GuardianWhere criminal activity is suspected, evidence has been passed to a team of fraud investigators advised by veteran French magistrate and anti-fraud crusader Eva Joly
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Originally Posted by bananarepublic.ie
