Iceland President: Let the Banks Fail

Iceland President: We Decided to Let the Banks Fail Iceland President Olafur Ragnar Grimsson on the recovery of the country's economy Speaking at the annual World Economic Forum in Davos, Grimsson also held his country as a model of economic recovery after its near-collapse four years ago. "We didn't follow the traditional prevailing orthodoxies. And the end result four years later is that Iceland is enjoying progress and recovery."