Iceland has been hit especially hard by the 2008 financiel crisis. Before the crash of the three largest banks in Iceland, their combined debt exceeded approximately six times the nation's gross domestic product of €14 billion ($19 billion). This amount of momey is impossible to pay back. We conclude that Iceland is bankrupt! So all Icelands assets, including ground, buildings, transportation, sea, air now belong to the creditors. Both the Netherlands and the UK claim Icelands ground.