The Danish case The Danish government’s first reaction to the financial sector woes in 2008 was in many ways similar to those of other European states: ample recourse was made to bailouts, loans, guarantees etc. However, at the peak of the banking crisis in 2010, Denmark chose to take a tougher stance than its European counterparts.
With its third Bank Package, it was the first European state to force senior creditors to take a hit when banks failed. Haircuts of 16% and 14% were imposed on senior creditors of Amagerbanken and Fjordbank Mors respectively.