Indeed. Today sees Iceland(!)’s sovereign debt return to the rim of investible as Fitch upped their rating of Iceland(!)’s debt to BBB- but stable. In other Icelandic news it looks as if a debt forgiveness programme mooted in 2009 is going ahead, their top civil servant in their department of finance is in prison, and, delving into the Icelandic stats a little the nation’s GDP is looking pretty healthy, too.
This OECD background paper gives an overview of the crisis and the Icelandic authority’s response to it.
So: we are not Iceland!