Michael Hudson says an oligarchy is emerging all over the world - they are the bulk of the creditors who are insisting on repayment of unrepayable debt. Debt-peonage and neo-feudalism are waiting in the wings for the debtors if they accept the dominance of the creditors. Iceland is under financial attack. They shouldn't accept the IMF diktats. See the video six paragraphs down here (don't worry, it's in English even if the blog is in Icelandic) or read his long article here.
'Can't Pay, Won't Pay' reemerges as a slogan of the left?
Put like that it sounds crazy - but look at the words on that £10 note in your pocket. 'I promise to pay' says the Chief Cashier. Money is embodied trust. No-one believes that Iceland can really repay- it's only a question of whether they sell themselves into debt-peonage before everyone acknowledges that truth. There's no real trust behind the IMF proposals- just naked power. Hudson is saying call their bluff. Re-establish real trust by saying what you will and won't give up as a country and only deal on that basis. Force a debt jubilee.