As was diaried earlier, Iceland has asked for help from the IMF. All of their banks of gone bankrupt and now a few members of the island nation have issued an apology on the nations behalf.
We, members of the Icelandic nation, are truly sorry for the problems we have caused, and plead guilty with an explanation.
Apart from a brief interlude during the era of the Vikings, we have pretty much kept to ourselves, sitting on a rock in the middle of the ocean.
During the last 3 decades of last century we managed to build up a fairly nice and open economy, where everyone had equal opportunity to succeed, get educated, get taken care of if they got sick, with politicians which were unable to do much damage as everyone pretty much agreed how things should be.
We were given access to the European Economic Area in the early 90's, which was generally regarded as the diet version of the European Union, where we would become members shortly.
Make sure you go read the rest of the apology to truly comprehend how easy it is to completely devastate an otherwise productive people when you don't tightly regulate the financial system.