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Day after day Iceland is front-page news. The crisis in my country is breathtaking and also an example of the rise and fall of global capitalism. Iceland experiences the deepest and most rapid financial crisis recorded in peacetime when three major banks all collapse in the same week in October 2008. It is the first developed country to request assistance from the IMF in 30 years. On January 22nd the government falls after weeks of intense public protests and Iceland might get the worlds first lesbian Prime Minister Johanna Sigurdadottir.

Visiting my country in October last year I become a witness to the alarming situation. As most of my countrymen I feel shocked and terrified. How could all of this happen? My head spinning of questions. Iceland's banking system is ruined. GDP is down 65% in euro terms. Many companies face bankruptcy; others think of moving abroad. A third of the population is considering emigration. Europe's leaders urgently need to take steps to prevent similar things from happening to small nations with big banking sectors.