Video: Let banks fail, says Iceland’s president

Icelandic President Olafur Ragnar Grimsson said part of the country’s prescription to growing its economy in the wake of its terrible financial crisis was refusing to bail out the banks and rejecting austerity measures that put the burden on poor and working people.

Grimsson said one of the consequences of letting the bankrupt banks fail was it released mathematicians and technologists – previously employed by the banks – to use their talents elsewhere, thereby invigorating the country’s economy.

Al Jazeera interviewed the president at the Davos World Economic Forum, Jan. 25, 2013.

Photo: Iceland’s president at the 2010 World Economic Forum. (CC) 


Teresa Albano
Teresa Albano

Teresa Albano is associate editor of People's World and an award-winning journalist. Born and raised in Chicago, Albano is a member of the Chicago News Guild-Communications Workers of America and has been covering political, labor and social justice issues for more than 25 years. Albano was the first woman editor-in-chief of People's World, 2003-2010, leading the transition from weekly print to daily online publishing and establishing PW's social media presence.

Albano lived in New York City for 13 years and has traveled throughout the United States and abroad, including to India, Cuba, Angola, Italy and to Paris for the 2015 United Nations Climate Change Conference. She received awards from International Labor Communications Association, National Federation of Press Women and Illinois Woman Press Association, including its prestigious Silver Feather Award. Albano attends Northeastern Illinois University and recently received NEIU's Future Alumni Leader award. She will graduate in December 2016. 

Combining her passion for swimming and for social justice, she founded the blog, Swimming Social, during the 2016 Rio Games.