This is from memory only from a broadcast I listened to some time ago. It would take me forever to check facts, but I think I have the basics right. Just beware.
Icelandic banks and the Icelandic economy found themselves in serious financial trouble. Rather than a bail out such as happened Ireland, and oh how the workers and the non high flying types in Ireland have suffered, the citizens of Iceland spoke and chucked out the government that proposed to go down the same road as Ireland. The people said, this is not our doing. This is the doing of big English banks, big business and with the complicit approval of our banks here. Why should we suffer? The new government listened. Peoples savings were moved to a bank that had failed and was now nationalised, but businesses had to sink or swim. Banks were let go to the wall and their debts not picked up by the government, or by Euro loans. London City (business) was screaming but generally its temper tantrums were ignored and London City lost a lot of money. Yes, the people of Iceland have suffered but not to the extent that they would have and not for such a long time as they would have if there had been a Euro bail out.
Personally I rather wish the same had happened in Britain and the United States and even here in Australia if required. All this wheeling and dealing and moving money around the world at the speed of light and generating huge profits and losses by speculative actions is not a matter that your average person should suffer for if it all goes wrong. Screw 'em. Let them suffer too. In the US and Britain the people are suffering badly because of such high government debt levels and stagnant economies yet big business goes on paying huge money to executives, money market speculation is just as rife and the big auditing companies take no blame for their shonky and complicit actions.
Which brings us to Greece. Is the Greek Prime Minister a proper socialist, or one in name only? He seems prepared to allow a further Euro bail out and tie the country down to huge repayments for years. Yet in Greece, big business, share traders, speculators, property developers et al pay little tax, if at all. Greek citizens are demonstrating and rioting in the streets. Good on them. I don't think things can get much worse for the average Greek citizen. Let the government fall, let big businesses fail, let the banks go under. It seems this may be the only way to teach rampant capitalism a lesson. They clearly have not learnt one yet and expect their losses to be socialised but their ill gotten profits kept.
And if I were the people of Germany and France, I would be saying to my government, forget these second world Euro countries. Why waste all our tax money on bailing them out.
Capitalism can become a very nasty and ugly beast if it is not kept under tight control.