"Freedom is just another word for nothing left to lose." This line from the Janis Joplin hit song about the drug culture ("Bobby McGee") describes the plight of the Icelanders and their likely vote to default on souverign debt. In the fullness of time, it will likely describe voters in other jurisdictions as governments try to impose draconian measures to maintain shaky financial structures.
Social transfer payments in many jurisdictions are unsustainable. Yet, receipt of those transfer payments are the only wealth or potential wealth that large fractions of the voters possess. There are rapidly approaching majorities of voters in many jurisdictions that have "nothing left to lose."
The financial governance sham is about to be exposed in all of its ugliness and pain. But the voters do have a solution. When the meal has been served and the bill arrives, they can just walk. You could call the action a lot of names, and point out the negative economic consequences, but they will get a clean slate. The well-connected rats and exploiters of our current system will have been vanquished.
The formula for wealth generation is fairly simple...sound money...produce more...save more. If the body politic can reform in a way that promotes these ideas, all will be well.