By Jupiter Kalambakal

Reykjavik, Iceland

Former Icelandic prime minister Geir Haarde termed as "farce" the barrage of charges he faces as the first day of his trial began Monday in connection with the collapse of his country's banking sector at the height of the 2008 global financial crisis.

Allegations against Haarde are that his government failed to carry the impact of the financial meltdown when all of Iceland's major banks failed in a matter of weeks. The financial catastrophe eventually led to protests, the overthrew of the government and brought the economy to a standstill with the collapse of its currency.

Haarde faces up to two years in jail if found guilty.

The former prime minister is being tried before the Landsdomur, the first time in the history of Iceland the special court has been convened. Landsdomur is used only for trying current and former cabinet ministers and members.

Haarde has denied the allegations, saying they were political maneuverings of his opponents. He said that nothing much could be done to prevent the financial downfall of the country, but compared to nearby countries, Iceland was still ahead.

A volcanic island with a population of about 320,000, Iceland went from economic sensation to financial loser overnight when the global financial crisis took effect.

In the last decade, Iceland experienced a spiraling economic growth where banks and companies grabbed assets around the world. The global financial calamity, however, inflicted both political and economic havoc in the tiny country. Its banks eventually collapsed in October 2008.

 

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World - Former Iceland Prime Minister On Trial Over Banking Sector Collapse | Global Viewpoint