so... what about Iceland?

Iceland never is at the center of the media's attention, even the big economic crack was sort of ignored by tv and newspapers, maybe mainly because no one here in Europe knew much of the Icelandic economy to start with.
The bubble has burst completely there, and now this article describing that crisis can make you understand the global crisis. Yes because after all Iceland has a "simpler" economy than France or Italy, so if you understand how the game got broken there then it's easier for you to understand the dynamics of it somewhere else.

Here is the usual and enlightening post by Mark Steyn.