I heard of it. I live in the Netherlands.

I believe all parties are at fault:
The people who put their money at Icesave, because they were too greedy going for the extra interest. If they used their common sense they would have known things were not right.
The Icelandic people who lived so much on credit and taking unhealthy loans.
And of course our Minister who raised the bank guarantee from 20.000 euro's to 100.000 euro's increasing Icesaves debts towards the Netherlands fivefold.

Whichever country pays, it's all from the common people.

What I understood though is that Iceland is already as good as bankrupt.