'We chose democracy & human rights over banks' - Iceland president (VIDEO)

As Iceland's banking system went into meltdown at the start of the global financial crisis, it came under enormous pressure from the rest of Europe to accept crippling austerity measures that would have burdened its people for generations to come.

And yet the tiny island nation stood up to the European Goliath, defiantly opting for democracy even as it stood on the brink of bankruptcy. What can Iceland teach the world about the power of the people and the rule of law?

To discuss these issues, Oksana is joined by the President of Iceland, Olafur Grimsson.