According to this article:
Iceland's Government Founders Amid Voter Ire Over Crisis - WSJ.com
The government in Iceland has collapsed, and the government in Belgium has recently collapsed as well. I realize that Iceland's economy relied heavily on banking, but having a government collapse in a nation with a modern economy seems shocking to me. There are a lot of European posters on this board, and I'd like their perspectives on this particularly. Is this not as serious as it seems, or is it a severe event for all of Europe? We don't receive a lot of world news in the US, so it is hard for me to put this event in proper perspective.