The trial of former Prime Minister Geir Haarde of Iceland to determine responsibility for the collapse of the banking sector in 2008 that plunged the Nordic country in a serious crisis, began Monday in Reykjavik, which is judged by a special court.
?I reject all the accusations and I think are unfounded,? said Haarde, 60, to begin the process.
The former prime minister also claimed in court that ?is the first time? that has the ability to respond to the allegations in this case. ?Only from the perspective? of time ?can be said that things should not happen as happen,? he said.
Haarde, then head of the Independence Party (right) in power since mid-2006, was one of four political leaders held responsible for the collapse of a hypertrophied banking sector, according to an expert report published in 2010 on the Icelandic financial crisis .
At the time of its implosion, the largest banks had total assets equivalent to about 923% of GDP. Read more finance news.
In September 2010, Parliament considered however that Haarde was the one who should be tried by this crisis, including the collapse of Icesave online bank, which led to a diplomatic row between Reykjavik on one hand, and the United Kingdom and the Netherlands by the other.
The report criticizes Haarde be buried in the spring of 2008 reports that the country was heading into a severe financial crisis.
The Landsdomur, only court empowered to try ministers or former ministers, and had never been called so far, last October decided to dismiss two of the six charges against the former head of government, including the most important, the ?gross negligence? .
But Haarde must respond to the judges for their inaction when it would have been necessary to reduce the size of banks hypertrophied, and failing to ensure that the accounts had Icesave in Britain and Holland were delegated to subsidiaries in these countries, according to media Icelanders.
If found guilty, Haarde may be sentenced up to two years in prison, the report said.
The implosion of the Icelandic banks plunged into a deep recession that required the intervention of the IMF, with a loan of 2,100 million dollars, the Icelandic krona was devalued, but now the country regained its growth and GDP should grow this year 3, 1%, according to national statistics agency.
In an interview last year, Haarde had called this process of ?political farce staged by old political enemies.?
The process, which will end around March 15 is celebrated in the Icelandic Culture House in Reykjavik, chosen for its size and considered neutral ground.
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