Well !

Iceland: When Too Big to Fail Becomes Too Big to Rescue

A simplified calculation ??
75% of the Icelandic bank Glitnir got taken over by the Icelandic government at a cost of 600m EUR. Iceland has a population of 300.000.
In the US the population is 300m people, i.e. 1.000 times the Icelandic population. The American historical financial rescue (bailout or what ever is the right terminology) is 700bn USD and target the entire financial sector.
En similar exercise for the Icelandic financial sector would cost 700m USD (remember there are 1.000 times more Americans). Given the current foreign exchange rate of the Icelandic Kroner is roughly 2/3 of the EUR value, equates to a Icelandic bailout value of 900m USD or 900.000.000.000 USD (compared to the American case) and this is to only financially support one bank !!!! (and not even the biggest one).

Perhaps Iceland is taking over the traditional role and history of the US that everything JUST have to be bigger ??