Economic Collapse of... Iceland?

I suppose this story must be headline news where you are, and damn it, just not obscure enough for Blather.net, but seeing as we've been packing up our cutlery and speculating about the economic collapse of the USA at the former Blather Wolves' Lodge in Connecticut, while our servants end their lives with samurai swords, and seeing as I reported as recently as November 2007 that Iceland has the highest standard of living in the world, this is a news story that belongs on Blather.

"The Icelandic Government seized control of the country's biggest banks last night in an attempt to fend off wholesale economic collapse."

"Icelandic banks have lent hundreds of billions of pounds overseas and their position in the world's financial system far outweighs the size of the country's tiny economy, the GDP of which was only $20 billion last year."

Full story: Times Online.