Frankly, the UK does not come out of the Icesave collapse terribly well.
It used anti-terrorism laws to pressurize a small country to pay up on the debts of one of its bankrupt banks.
When these laws were passed, did anyone think that they would be used to settle a financial dispute? If New Labour are prepared to misuse this law in such a scandalous manner, how far would they go if they were really threatened?
It was classic Gordon Brown: "by any means necessary."