Iceland crashed but they also declared default for all the foreign debt at the same time. As Iceland is very small, the effects were negligible for the foreigne

Iceland crashed but they also declared default for all the foreign debt at the same time. As Iceland is very small, the effects were negligible for the foreigners. The effect was also a devaluation of the ISK because of the lost of trust in the country/currency: http://www.xe.com/currencycharts/?from=ISK&to=EUR&view=10Y http://www.xe.com/currencycharts/?from=ISK&to=EUR&vi...