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The sequence of events in Iceland goes something like this. First, we have the online arm of Reykjavik Landsbanki, (known as Icesave). During the freewheeling heyday before the world financial meltdown, Iceland offered higher interest rates, which drew investors from all over the world. Some 400,000 British and Dutch investors put their money in Iceland's banks. Iceland's banking system collapsed, bringing down most of its banks, including Icesave.
The British and Dutch depositors were insured through each country's bank deposit guarantee after Icesave collapsed in October 2008 The two governments are now seeking to reclaim the money from Icesave. The amount is 3.9 billion euros.
Perhaps no economy in the world is in such disastrous shape as Iceland. Last year, the weight of the global financial crisis crushed this island nation causing its banking system to implode, its currency to collapse 
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