I harbour no illusions that Baugur and co. are blithe angels – their ‘Robin Hood’ aura has pretty much worn off and for all I know they may very well be guilty of criminal misconduct. What’s scary, though, is if powerful individuals in this very small community are able to manipulate those institutions that are supposed to be protecting freedom and democracy and all the rest to meet their own agenda… Oy Vey!
Threatened with national bankruptcy, Iceland agreed to adopt sweeping powers over banks on Monday as its financial system tottered, its currency plunged 30 percent and a leading agency cut its credit ratings.
The ruling alliance and opposition parties united on a bill that gave the state the ability to intervene at will in the country's battered banks. Parliament passed the bill and its provisions took effect immediately.
"We were faced with the real possibility that the national economy would be sucked into the global banking swell and end in national bankruptcy," said Prime Minister Geir Haarde.
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