2013-02-10nytimes.com

With the global economy still struggling to recover from the financial maelstrom five years ago, governments around the world have been criticized for largely failing to punish the bankers who were responsible for the calamity. But even here in Iceland, a country of just 320,000 that has gone after financiers with far more vigor than the United States and other countries hit by the crisis, obtaining criminal convictions has proved devilishly difficult.

...

Mr. Sigfusson, the minister of industry, said he was regularly invited to speak on how Iceland dealt with its banking crisis. Iceland, he said, has "no magic solution" but has managed to push through unpopular cuts in spending in part because it managed to curb public anger by pushing for the prosecution of its bankers.


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