Iceland's former prime minister Geir H. Haarde

Iceland's former prime minister Geir H. Haarde

Arnaldur Halldorsson/Bloomberg

The commission alleges that former prime minister Geir H. Haarde, seen here, Sigurdsson and Mathiesen didn’t exert enough pressure on the banks to shrink their balance sheets after they amassed debts equivalent to 10 times Iceland’s economic output, a development the commission said was key in fuelling the financial collapse.