Ruth Sunderland, viðskiptaritstjóri The Observer, skrifar í pistli í blaðið í dag að það sé óréttlátt að láta venjulegt fólk gjalda fyrir afglöp stjórnmálamanna, bankamanna og eftirlitsstofnana.

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„On the face of it, there might seem to be no good reason for taxpayers here and in the Netherlands to pay for the reckless behaviour of an Icelandic bank, but it is not that simple. First, there is the question of proportionality. Iceland has a population of just under 320,000. The costs of the bailout of Icesave on its citizens are much higher than to the 76 million in the UK and the Netherlands, at about €50 (£45) a head. The distress to Icelanders, many of whom are already losing their homes, will be extreme.

Second, the FSA and the Dutch regulators, who are meant to look after the interests of consumers, let the Icelanders set up shop, so they must bear some responsibility. There is a strong element of caveat emptor: even if individual savers were taken in, shouldn’t the highly paid finance directors of local authorities have thought twice about Icelandic accounts?

The proposal by Jubilee Debt Campaign for an international debt tribunal seems sensible. The idea is that it would act as an independent arbitrator to prevent creditors draining money from countries which cannot afford it, or for illegitimate loans. It would mitigate against the moral hazard of letting nations off scot-free, while protecting innocent citizens from being impoverished. One aspect of Gordon Brown’s record for which he receives too little credit is his commitment to poor countries; in the light of this, he should show some forbearance towards Iceland. As with other heavily indebted nations, it is unfair to make ordinary people pay for the misdeeds of a wanton elite and the negligence of politicians, bankers and regulators.