Iceland benefits from assertive approach

REMEMBER Iceland in 2008 when its banks defaulted on $85bn of loans? The government fell and a new administration ring-fenced domestic accounts. Foreign lenders, mostly British, were told to go hang. Capital controls were imposed to stop any sell-off of the currency.

Geir Hardie, the Icelandic prime minister at the time of the crash, was charged, and found guilty of failing to hold emergency cabinet meetings as the crisis developed. He was cleared of more serious charges.

Now Iceland’s special prosecutor says he is bringing charges against more than 200 people, including the CEs of the three biggest banks.

Meanwhile, Iceland’s economy is reaping the rewards — it is outgrowing the eurozone and the developed world this year. (Although that is not exactly difficult.)

IN ANOTHER vein, 1time CEO Blacky Komani freely admits he’s much relieved. A creditors’ meeting gave the company’s business rescue plan the thumbs up. “It’s most uncomfortable waking up in the morning knowing that a major creditor might pull the plug,” he says.

Meanwhile, all 1time’s staff, except directors, have been paid half their salaries for last month.

As you can imagine, that has the airwaves buzzing, with some pilots wondering whether they will have jobs in a few weeks’ time. Komani says he hopes to pay the other half of salaries later this week.

Directors have so far received nothing, so Blacky’s personal cupboard is looking a bit bare.