11 Countries With More Problems Than America

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Iceland

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(Thorvaldur Kristmundsson/AP)

The entire banking sector collapsed in 2008 after the country's banks went on a foreign lending binge that led to huge losses the banks couldn't cover. Iceland ended up stiffing foreign bank customers out of about $5 billion worth of holdings. Iceland is recovering, but a plunging currency has led to double-digit inflation and plummeting living standards.

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