The tl;dr or Iceland is that they where told a bunch of bad stuff would happen if they did not spread the private debt out to the public, the public went OWS an

The tl;dr or Iceland is that they where told a bunch of bad stuff would happen if they did not spread the private debt out to the public, the public went OWS and refused, a new government was formed and all the bad things ended up being nothing but boogy men. Whether that applies to other countries is up for debate, but many people see Iceland as the model for rapidly getting out of this mess. IIRC they have already started to see growth.