Let's not pretend this "revolution" is about anything other than the Icelandic people not willing to pay for the failures of the government they elected.
From my understanding, this is not quite true. Icelandic banks defaulted on debts towards foreigners, the Icelandic government was being pressured into taking over those debts - even though there was no legal obligation to do so - and the Icelandic people revolted against this.
So: Private entities screwed up - both the banks and non-Icelandic bank customers who misplaced their trust in those banks - and so private entities were morally responsible for taking the losses. The Icelandic people simply did their part to ensure that capitalism works properly, even though it required going against their government.
From my understanding, this is not quite true. Icelandic banks defaulted on debts towards foreigners, the Icelandic government was being pressured into taking over those debts - even though there was no legal obligation to do so - and the Icelandic people revolted against this.
So: Private entities screwed up - both the banks and non-Icelandic bank customers who misplaced their trust in those banks - and so private entities were morally responsible for taking the losses. The Icelandic people simply did their part to ensure that capitalism works properly, even though it required going against their government.