Beware: This article is filled with factual errors. I was making a list as I went along, and when I afterwards read the comments section I realized I had overlooked many more. That does not by itself affect the validity of the author's overarching thesis, but if someone can't be bothered to get their basic facts straight (e.g. Iceland's EU membership status), it casts serious doubt on their ability to perform the much more subtle and exacting task of sociopolitical analysis on the reader's behalf.

The article did raise several points about which I was previously unaware; I will pursue them through other sources. I'm unsurprised that the IMF pushed back against the plan to default on the loans. The IMF usually props up failing economies and forces legislation that lets foreign investors reduce or withdraw their local investments. Love it or hate it (and I incline towards the latter), putting your balls in the vice like that is standard operating practice for them--it's what they do. I was surprised to learn (and until it is confirmed elsewhere, I remain skeptical) that the UK and Holland threatened to freeze the funds of all Icelander-held bank accounts.