President Speaks of Mistakes in New Year’s Address Skip to content

President Speaks of Mistakes in New Year’s Address

President of Iceland Ólafur Ragnar Grímsson spoke of the crisis and mistakes that had caused it in his New Year’s Day address to the nation yesterday, admitting that he had gone too far in promoting the operations of Icelandic banks and financial companies abroad.

President of Iceland Ólafur Ragnar Grímsson speaking at an earlier occasion. Copyright: Icelandic Photo Agency.

Grímsson stated that the basis of the Icelandic financial system had been weak and that eagerness had overshadowed foresight, ruv.is reports.

The president said he had tried to review his own work and learn from his mistakes, encouraging ministers, MPs, financial institutes and bankers to do the same. Honesty, humility and modesty have to be the guiding light for everyone responsible.

Grímsson added that if the nation’s call for a transition is not listened to, it will prove difficult to create a solid basis for new times. Many people are angry, the president said, and rightfully so.

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