Hold the front page - Economists in 'writing in clear English shock'. (perhaps because they're not English, they're Icelandic). The quotes below are from the report 'Collapse of A Country' (pdf) from here.
"In effect, the country decided to stake its economic future on international banking,
without having the necessary safeguards in place, eventually developing a banking
system much beyond the ability of the state to come to its help with liquidity or
"The collapse of Iceland’s economy is a testimony of the combined effects of
deregulation, privatization and lax financial supervision in a world of cheap credit. A
speedy recovery depends on the authorities taking the right steps to steer the economy
towards a path of sustainable development."
The whole thing is only about 20 pages long and well worth a read.