I don't know why there is so much surprise generated when yet another European national airline becomes insolvent. The business model of "lets buy some aircraft, operate some routes, pay ourselves lots of money then rely on the state to bail us out" has long expired.
Willie Walsh was saying several years ago that he only expected Lufthansa, KLM-AF and BA-IB to stay in existence long-term, plus a few of the bigger lo-co's. Seems like this is coming to pass: the economics of flag carriers operating out of small (population) countries has always been suspect.