Iceland - An Interesting Recovery

Iceland - an Interesting Recovery There was an article in Positive News' summer 2013 edition that caught my eye. Iceland was one of the countries whose banking sector collapsed at the beginning of the global financial crisis. Unlike us, Icelandic taxpayers did not bail out the banks - largely because there simply wasn't the cash to do so. A new coalition government was elected, who ignored pressure to bail out the failed Icelandic banks, and, crucially, declined to reimburse foreign creditors and depositors who had invested billions in Landsbanki’s Icesave accounts.  As a result, the country is no longer in recession. On a separate matter, for 4 consecutive years, Iceland has been declared the best country for women by the World Economic Forum, & this seems to be because they understand the value of having gender balance in business, to manage risk if nothing else. For example: Around 40% of parliamentarians are female Iceland requires companies to give a minimum of 40% of directorships  to women Female CEOs were appointed to manage Iceland's banks following their initial failure Outgoing female PM Johanna Siguroardottir was the world's first openly gay head of state Strip clubs were banned in 2010 as women should be "equal citizens rather than commodities for sale" Gaeia's board of directors is 66% female, and we are the oldest, and remain one of the only, female-founded Ethical Financial Advisory firms in the UK. Financial Services still has quite a masculine reputation ~ and we do our best to encourage a more gentle, less macho culture, from within! http://positivenews.org.uk/2013/economics_innovation/12895/iceland-economic-miracle/ by Olivia Bowen HSOBBlog/191113

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