Geir Haarde, the only politician in the world to face charges over the 2008 financial crisis, has been found not guilty of all but one charge, Mbl.is reports.

He will not face any penalties.

Geir had been charged with negligence over his handling of the financial crisis, which hit Iceland worse than most other nations.

Geir was widely expected to be acquitted due to the strength of his legal team and the difficulty in proving the crisis was one person's fault.