Aside from an Imperial desire to seek revenge for the lost Cod Wars, it does seem a trifle harsh to seek to bully Iceland in respect of their less than successful banks.
Goodness knows how many millions of public money, council's money, police money has been put in their banks.
Why, because they paid good rates of Interest.
Iceland has a population of 300,000. About the size of Brighton. Not big.
Iceland is not well known for its thriving industries (apart from fisheries)
Iceland is not particularly well know for mineral deposits.
Did no one wonder where the money for this interest was going to come from? At all.
Now the government asserts that they will seize their assets in the UK, so not only will we nationalise our banks, but also take over other peoples property?
I suppose the rule of law cannot be invoked as the government can just make new ones, bit unsettling though.
Did we not invade Eygpt when they nationalised Suez canal without compensation? Mind you I suppose it was different, they are not UK citizens and cannot vote for GB