The problem is once you've taken all the shareholders money who is left to pay out the deposits of those with less than €100k?
I guess we'd all claw back any bonuses paid to directors but that wouldn't go very far so you get left with the choice of (a) hair cutting the deposits over the €100k guarantee, (b) hair cutting all deposits, (c) hair cutting taxpayers that had nothing to do with the bank or the Icelandic hair cutting anyone but your own voters.
Option (a) for me is the least worst