I remember reading at the time that the Icelandic government told their citizens they'd have to take a 25% hit on incomes for the next four-five years in order to save the banks (in as many words). Luckily they had to put it to the voters, who told them to Drop Dead. Much hand-wringing over the disaster that was sure to follow. It didn't, and they are on their way back.
Gonna be longer for the rest of us.
Instead, the US Government told our grandkids to drop dead.