“Didn’t Iceland do the same?”
No. The Icelandic banks failed, but the Icelandic government was solvent.
However, I am a large fan of anyone telling the bankers to “^&% off”.
Yeah, me too. I refused to pay my mortgage, my car loan and my credit cards. Funny thing though, I got evicted from my (former house), my car was repossessed, and I could no longer use any credit cards. BTW, can I come live with you and borrow your car?
I am a large fan of that, too. But the only real way to do that is not to do business with them. Once you've borrowed their money, what entitles you not to pay it back? Because they're worthless bastards?
Here's the sad fact: nobody is in the business of loaning money who is not either a fool or a bastard, and the fools don't stay in business long enough to matter.
What could be more pathetic than saying you've lost the moral high ground to a banker? But that's exactly what the Greeks have done.