It's not really the first time this has happened, it's just the scale that's different. Pension funds in Ireland have been reduced in a similar fashion.
http://www.finance.gov.ie/viewdoc.asp?DocID=6830
It's also probably worth noting that in these bailout situations the smaller countries typically do what they are told since the option of not being bailed out are thought to be worse. Where it stings is when the interests of large international financial institutions seem to be placed above those of the citizens of the country involved
http://www.notourdebt.ie/
But when you join the EU this is what can happen when things go wrong.
It's also probably worth noting that in these bailout situations the smaller countries typically do what they are told since the option of not being bailed out are thought to be worse. Where it stings is when the interests of large international financial institutions seem to be placed above those of the citizens of the country involved http://www.notourdebt.ie/ But when you join the EU this is what can happen when things go wrong.