Iceland gets it. They choose to save their country, not the bondholders. They let their banks collapse, told the bondholders to stuff it (they owe $81 billion and haven’t paid back a penny), and their economy is now recovering.
Now they are arresting banksters for market manipulation. Good.
The US by contrast, is doing what Ireland just did, bailing out the bondholders at 100% with taxpayer money, guaranteeing the country will be indebted for years to come so that a few already-wealthy get richer.