JANE BURGERMEISTER REPORT:’Iceland’s Ex Premier charged today, Germany’s Chancellor tomorrow?’

Iceland’s Ex Premier charged today, Germany’s Chancellor tomorrow?

German Chancellor Angela Merkel has clearly exacerbated the eurozone debt crisis by violating no bail out clause in the EU Treaty, by allowing the Bundesbank to violate article 123 to buy up Greek souvereign bonds and, above all, by burying a report by German government economists in autumn 2010 — as reported on this blog — , recommending that an insolvency mechanism be urgently introduced to deal with over indebted countries.

Merkel’s claim that there is no alternative between giving more money to American, German and French banks or a disorderly insolvency is a verifiable lie and brazen threat. How long till Merkel stands trial along with German Finance Minister Wolfgang Schäuble and Bundesbank chief Jens Weidmann for their role in this financial catastrophe that profits only American, German and French banks? They never thought it would happen in Iceland either.

Iceland Ex-Premier Charged, Could Others Follow?

Published: Thursday, 9 Jun 2011 | 6:15 AM ET

By: Peter Guest

Geir Haarde, Iceland’s former prime minister, has been charged with criminal negligence over his part in the collapse of the country’s banking sector in 2008, the first credible attempt to hold a head of government accountable for the failures in oversight that led to the global financial crisis.

The banking crisis and economic downturn has brought down governments – most recently Portugal – and seen others lose at the ballot box. However, none to date has been hauled before a court.

“This is of course a unique thing here for us, and would have been absolutely inconceivable before the crisis,” Eirikur Bergmann, director of the Centre for European Studies at Bifrost University in Iceland told CNBC.com.

Read more at: http://www.cnbc.com/id/43336607