Video: Let banks fail, says Iceland’s president

iceland.grimsson

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)