Compare and contrast with the situation of the Greek crisis. Similar track? Terrifically different courses of actions, to be sure. Could it be because Iceland is not a geopolitical corner of utmost importance as a way to the Middle East? Or a prime holiday spot for the rich & powerful to own like Greece can be? Could it be because someone had a wonderful idea about transforming a society into one where everything and everyone could be working in transparency? Could Iceland have been left to remedy things their way while Greece won't be?
What happened to Iceland?
2008. The country's main bank is nationalized. The currency collapses, the operation of the stock market stops. The country is bankrupt.
2009. The protests in front of the parliament succeed and early elections and declared, causing the resignation of the Prime Minister and the entire government. The plight of the economy continues. A proposed law regarding the debt to the UK and to the Netherlands suggests for it to be paid several millions, drawn from all Icelandic families monthly for 15 years with a 5.5% interest rate, should be amassed.
2010. The people come out on the streets asking for a referendum. In January 2010 the president refuses to put the law into effect and announces there is demand for popular verdict. March is the month for the referendum and 'no' to pay wins by 93% of the votes. The government is beginning research on judicial responsibility for the crisis. They begin the arrests of bankers and executives. The Interpol issues an order and all involved bankers responsible for the crisis leave the country.
Amidst the crisis, a body is elected by citizens in order to write the new constitution. 25 people are elected, with no political dependence out of the 522 that were presented as candidates. The application requirement was being adults and be recommended by 30 people.The law-making body begins its work in February 2011 and will present a Magna Carta taking into account the unanimous recommendations of different meetings that take place throughout the country. It must be approved by the current parliament and the next revisioary administrationg that will result from the next election.
This is the brief history of the Icelandic revolution: resignation of the entire government, nationalizing the bank, a referendum on crucial economic decisions, the crisis magnates put in prison and rewriting the Constitution by the citizens.
Watch the documentary.