Uk and the Netherlands' loud yelling to the contrary notwithstanding Iceland made it clear very early that it only considered Icelandic domestic savers guaranteed; and afaik those were compensated to the legal limit.

Aside from that, even if you were right and Iceland had really changed the order of seniority in favor of its bondholders here, that again would boost its reputation with bond investors. The increase of which was the original point Migeru was making.