Iceland got to grips with its failed politicians – but we were not given the chance

CREDITORS of the Icelandic Landsbanki bank will get very little return on their investments after preferential shareholders are dealt with.

Major European and international banks have no option but to accept their losses and move on. The write-off on this bank will exceed €20 billion.

The bondholders in the other two collapsed banks, Kaupthing and Glitner, will also metaphorically end up, more or less, having to whistle ‘Dixie’.