A special prosecutor in Iceland issued indictments this week against the chief executives and 14 other employees of two banks whose spectacular collapse during the financial crisis of 2008 sent the Icelandic economy into a tailspin. In one of the world’s most ambitious prosecutions stemming from the crisis, the 16 people are being charged with manipulating the financial markets and with putting their institutions in jeopardy by flouting internal rules. Among other things, the indictment says they issued loans to friendly companies that in turn used the loans to buy shares in the banks, elevating their stock prices. The people charged could face up to six years in prison if convicted.
Is there an exit from the actual financial crisis? Is the crisis real, paradoxal or a paradigm of economic ideological orthodoxy, combined to the needs of uncontrolled modern financial markets? “Debt Management” is an insight to the Greek reality/developments of the unfolding crisis.
What is actually happening in Greece? How different is the crisis from the rest of the Euro-zone?
What can we learn from this symbolic war between people’s determination to preserve common values, human conditions, rights and needs, versus an orwellian financial world?