I still don’t think it’s fair. If a government is going to take over an asset, then they need to take on the debt as well. Imagine if when Freddy Mac and Fanny Mae was taken over by the US government that every loan was forgiven and investors were told to take a hike. That’s essentially what Iceland did, except the debts to the banks were not forgiven. Yeah, the Iceland government took over the banks and all their assets and started with a clean slate of no debt to others, but others owing it debt. It’s one thing if a bank fails and shuts it’s doors and investors are left hanging, but when another entity takes over they should not be allowed to clean the slate and keep all the assets. Granted that it’s an investment and not all investments make money and some take losses, but to give the bond holders nothing on the dollar is highway robbery.