quote:
What happened next was extraordinary. The belief that citizens had to pay for the mistakes of a financial monopoly, that an entire nation must be taxed to pay off private debts was shattered, transforming the relationship between citizens and their political institutions and eventually driving Iceland?s leaders to the side of their constituents. The Head of State, Olafur Ragnar Grimsson, refused to ratify the law that would have made Iceland?s citizens responsible for its bankers? debts, and accepted calls for a referendum.
good story and very excited to read this! am hoping all countries use this example and do something similar or even the same :)