stupid petty rulers of nations

There is much angst now about finanical crises and bank collapses, and whether and which emergency bailouts are appropriate and who gets them.
Yet at the root of the whole process are petty little people with fragile egos and incomplete understanding of the basics of their profession, despite having been in power for many years.

I am, of course, talking about Iceland.

The country is bankrupt, the whole banking system has failed, the currency is untradable and the economy is in free-fall.
The only hope of sustaining something of a working economy in the short run is to get a large loan, on tolerable terms, in a hard currency.
Several nations have offered such loans, ranging from a no-condition loan from Europe, through some loans with strings attached from Scandinavian nations and some European allies, through to an EU loan from an underused fund for assistance to bordering nations.
Most of those loans are contingent on Iceland reaching a deal with the International Monetary Fund, and accepting their conditions for near future economic policy.
The IMF conditions can be draconian, but all reports of the terms the IMF put to Iceland are that the terms are surprisingly reasonable.

But, for a week now, reports from Iceland are that the IMF is postponing consideration of their case, much to Icelanders consternation, and in the meantime several other nations have sent in requests for IMF assistance as the crisis spreads.
IMF funds are finite.

Apparently, I am reliably informed, the reason the IMF has postponed considering Iceland's case, is that the Icelandic government has not submitted a request to the IMF yet!
Stupid incompetent fuckups that they are.

I infer, from other information, that the reason the request has not been sent in is that some very senior officials in Iceland are delaying it.
I also infer that the reason they are doing this is that the IMF terms will unveil some of the responsibility some individuals (now protesting loudly about other peoples' actions) had in proactively failing to provide oversight or enforcing regulation, while they and their friends got obscenely rich.
I also infer these people will lose the power and what little respect they currently retain.

So they delay action, and hope for a miracle.
Maybe someone will find a hidden viking hoard of gold and all will be saved.

Most recent rumours are that the Norwegian oil exploration company, Sagex, has found hints of a major oil and gas field between Iceland and the Faeroes.
Even if it has, and the oil is extractable, there will be no flow of black gold for a decade or more, and the crisis is now.
So suck it up and face your doom like men.
Then let the women rule.

PS: Iceland is now claiming that they sent a request to the IMF on November 3rd, but that it has not been presented to the IMF board yet.