Iceland has been in the news in recent years because of the failed attempt to become a world financial centre. A few bankers got very rich, but the whole enterprise ended in tears. The current souverign playbook..."let the taxpayers bail out the mess," is not going down well with the voters.
When the load becomes too heavy (as it is in many countries), the voters will likely choose immediate self-inflicted pain instead of generations of poverty. http://www.bloomberg.com/apps/news?pid=20601039&sid=amtqRO5zQX2g
Poor financial governance is an epidemic, and few governments have resisted the disease. The Hedge Tax is a gamechanger. Support it.