Iceland's Woes

I know close to nothing about economics, but this piece about Iceland's current troubles -- which dwarf even ours -- is fascinating:

Above all, the nation's future is heavily mortgaged. Claims from Britain alone amount to half of what's left of its GDP. "It's like a neutron bomb that has wiped out all monetary assets but left the people intact," says Ólafur Isleifsson, a former IMF official who teaches at Reykjavík University's business school.

(Via The Browser)