From the nation that gave us Bjork and acted like pirates in trying to exclude British trawlers during the Cod Wars of the '70s came news that they have no intention of protecting British savers' money in their banks. The Chancellor has frozen all Icelandic bank deposits in the UK as a result - and no doubt will use whatever's there to meet his commitment to preserve British money.
Those Icelandic banks, offering interest rates of 7% or so on savings always seemed to me at least in part to be running some sort of pyramid scam - using new depositors' money to pay interest on existing balances. Perhaps I'm wrong, but I never trusted them.
Good riddance to the Icelandic financial sector.