When Gordon Brown and Alistair Darling were talking tough to Iceland a few weeks ago – seizing the UK assets of Icelandic banks and promising to stand behind all UK savers with money in those banks' accounts – I felt a great national pride. After all, the Icelandic Government had apparently told us that they had no intention of honouring their obligations in the UK – even though hundreds of thousands of savers had deposited money in the UK subsidiaries of their banks.

Once the assets had been seized, of course, both banks inevitably collapsed. But with UK savers' money secure, it felt like our Government had done the right thing. 25-Oct-08.

http://www.independent.co.uk/money/invest-save/james-daley-whos-to-blame...