Oh wise and all-knowing flist

Can someone please explain to me why Iceland is apparently responsible for the debts left behind by the private business Icesave, while I have yet to hear it even suggested that the nation of Denmark should for instance cover the debts left behind by Stein Bagger. What's the difference? The amounts involved? Because seriously, I really don't see why the average taxpayer in any nation should be responsible for the debts incurred by another private citizen, and I don't see why even the IMF has jumped on the wagon. It's like some loan-shark or bookie threatening to kneec-cap you because your third cousin twice removed owes him money.

I really should stop watching the news, they just upset me.