From the head of the IMF...

From the IMF Survey Magazine (February 7, 2009), taken from a speech by the IMF's Managing Director, Dominque Strauss-Kahn:

"The United States and Western Europe could learn from the previous experience of countries like Korea, Malaysia, Thailand, and also Sweden, which set up public resolution agencies, and often recovered a lot of public money."

Sweden's "public resolution agency" nationalized those banks that couldn't make it, cleaned them up, then re-privatized them.

http://www.imf.org/external/pubs/ft/survey/so/2009/NEW020709A.htm