...Rather than reward banksters the Icelandic government let them fail. Iceland's president Olafur Ragnar Grimsson noted 'Why are the banks considered to be the holy churches of the modern economy? We were wise enough not to follow the traditional prevailing orthodoxies of the western financial world in the last thirty years. We introduced currency controls, we let the banks fail, we provided support for the poor and we didn't introduce austerity measures like you're seeing all around Europe.'"
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