How have they been "free riders?" Because the other countries decided to bail out their foolish citizens who'd put money in the Icelandic banks? That was their decision.
Iceland had nothing to do with it nor should they have.
As for those commenters claiming that it couldn't work here: nonsense. Of course, it could. Why would failing banks cause riots in the streets?
Why would failing banks cause rioting in the streets? For the same reason it did in the late twenties and early thirties in some parts of the United States. People facing the prospect of being penniless because of the idiocy of bankers who managed to salvage their own investments and accounts as well as those of board members, then shuttered the bank. Happened here with a bank owned by second cousins, I’m ashamed to admit. They were trapped inside the bank until police reinforcements arrived from other jurisdictions, torch and pitchfork time, for real. My grandfather counted himself lucky to get ten cents on the dollar, most were wiped out.
You really want this?