Were the practice of legitimating debt repudiation by prosecution of those responsible for the assumption to become a recognized principle of international law it might seriously impede the ongoing, world wide fleecing of taxpayers.  Unfortunately, while Iceland has shown a willingness to throw the rascals out they have not, as yet, shown any stomach for throwing the rascals in jail.  To the contrary, many there seem intent on making the rascals whole by selling off the national patrimony.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."