Iceland is the example

[Large Sarge]

http://www.hermes-press.com/iceland_index.htm

[Down1]

Indeed they are.
That is why even RP gets talked about more than Iceland.
TPTB went the referendum route the typical 2 times and still failed.

[Twisted Titan]

iceland will be declared a State sponsor of Terror and will be democratized like Lybia

[gunDriller]

i like that picture with them holding the flares.

but i think if you did that in the US - you would be tased - at best.

http://images.angelpub.com/2010/01/3649/iceland-bailout-protests.png

http://market-ticker.org/akcs-www?post=202294

http://www.bloomberg.com/news/2012-02-20/icelandic-anger-brings-record-debt-relief-in-best-crisis-recovery-story.html

"Icelanders who pelted parliament with rocks in 2009 demanding their leaders and bankers answer for the country’s economic and financial collapse are reaping the benefits of their anger.

Since the end of 2008, the island’s banks have forgiven loans equivalent to 13 percent of gross domestic product, easing the debt burdens of more than a quarter of the population, according to a report published this month by the Icelandic Financial Services Association.

“You could safely say that Iceland holds the world record in household debt relief,” said Lars Christensen, chief emerging markets economist at Danske Bank A/S in Copenhagen. “Iceland followed the textbook example of what is required in a crisis. Any economist would agree with that.” "