The issue is not whether there will be repercussions. There are always repercussions...consequences foreseen and unforseen that flow from policy choices. The question is which consequence is better for the Icelandic people who have to make the policy choice. The U.K. and Holland made the policy choice to socialize the default of the ice save accounts by making a small minority of hot money speculators whole on the back of all the taxpayers who never made the speculation. That decision has its own consequences. It is not like countries have never defaulted before...you would think that no one remember how the U.S. bailed out Mexico and Brazil in order to socialize the loss from Chase and Citi Bank speculaiton in latin foreign debt. Its like no body has any memory...countries have been defaulting all through history..this is not new....and today everyone wants to lend Brazil money like they never ever defaulted before.