Book contents
- Sovereign Debt Crises
- Sovereign Debt Crises
- Copyright page
- Dedication
- Contents
- Contributors
- 1 Introduction
- 2 Managing Public Debt Crisis in Argentina
- 3 Why Developing Countries Should Not Incur Foreign Debt
- 4 Ecuador’s 2008–2009 Debt Restructuring
- 5 Greece: An EU-Inflicted Catastrophe*
- 6 Grenada: A Small Island Developing State Needs New Ways Out of Its Debt
- 7 Iceland: A Human Rights-Sensitive Approach to Deal with Financial Crises
- 8 Indonesia’s 1997–1998 Economic Crisis
- 9 The Irish Sovereign Debt Crisis Post-2009
- 10 Short-Term Capital Controls and Malaysia’s Fast Recovery after the East-Asian Crisis
- 11 Sovereign Debt
- 12 Portugal’s Austerity Bailout
- 13 Don’t Waste a Serious Crisis*
- 14 Lessons from South Korea
- 15 The Spanish Crisis
- 16 Conclusions
- Index
7 - Iceland: A Human Rights-Sensitive Approach to Deal with Financial Crises
Published online by Cambridge University Press: 16 November 2017
- Sovereign Debt Crises
- Sovereign Debt Crises
- Copyright page
- Dedication
- Contents
- Contributors
- 1 Introduction
- 2 Managing Public Debt Crisis in Argentina
- 3 Why Developing Countries Should Not Incur Foreign Debt
- 4 Ecuador’s 2008–2009 Debt Restructuring
- 5 Greece: An EU-Inflicted Catastrophe*
- 6 Grenada: A Small Island Developing State Needs New Ways Out of Its Debt
- 7 Iceland: A Human Rights-Sensitive Approach to Deal with Financial Crises
- 8 Indonesia’s 1997–1998 Economic Crisis
- 9 The Irish Sovereign Debt Crisis Post-2009
- 10 Short-Term Capital Controls and Malaysia’s Fast Recovery after the East-Asian Crisis
- 11 Sovereign Debt
- 12 Portugal’s Austerity Bailout
- 13 Don’t Waste a Serious Crisis*
- 14 Lessons from South Korea
- 15 The Spanish Crisis
- 16 Conclusions
- Index
Summary
This chapter is based on the country mission report the author presented to the UN Human Rights Council in March 2015. On the one hand, it assesses to what extent Iceland fulfilled its obligations to secure economic, social and cultural rights in the aftermath of its recent banking crisis. Though Iceland managed the crisis better than many other countries and responded overwhelmingly in compliance with its international obligations, certain gaps that should be addressed are identified. On the other hand, it identifies several good practices on how States facing a financial crisis can prevent and/or minimize negative human rights impacts in the context of economic adjustment programmes. International organizations and other countries can learn from the particular path chosen in Iceland, which included protecting its core social welfare system, tax progressive reforms, efforts to ensure citizens participation in the decision-making process and endeavours to establish political, administrative and judicial accountability.
- Type
- Chapter
- Information
- Sovereign Debt CrisesWhat Have We Learned?, pp. 103 - 122Publisher: Cambridge University PressPrint publication year: 2017