http://inthesenewtimes.com/2009/05/12/icelanders-need-to-be-told-the-magnitude-of-their-economic-problem/

Currently watching Eurovision semi-finals on BBC3 and the first act to get a compliment from the tough British commentator was Iceland with “She’s a peach”!

What keeps me going is a line (I think from here) that says to the effect that this is only a crisis of luxury.

I can understand the social contract but focusing on who did what and where are they now will drag on for many years and will eat up the money in a final twist of irony. I’d say grab the money 1st. Like they do in Texas, shoot first and ask questions later. Not my style but every day lost is another billion lost forever. It isn’t like we don’t know who the primary players are. They will use the dirty money to defend themselves and the few that are convicted will be bankrupt since they moved the money to the lawyer friends.

But you are not alone. I wish I was there to share in the misery.

Andrew – I think it is absolutely essential for there to be prosecutions. The people here want justice. As numerous people have mentioned in different interviews, we need it in order for the social contract to hold. If we don’t see justice done, I can definitely see the demos starting up again, yes. – Aside from this, there was a demonstration just last week to put pressure on the government to help people who are drowning in debt. In contrast to the previous government, the leaders of the two coalition parties (Jóhanna and Steingrímur) invited three representatives from the protesters to come inside and talk to them. That defused the situation.

Víkingsson – the problem with defaulting is that the banks are nationalized, owned by us. So it would be kind of like cutting your nose off to spite your face. And criminal investigations are central to getting the money back. That’s why we need to focus on them first.