An Entire Nation, Bankrupt? How the hell?

Iceland is Bankrupt. The entire nation! Now that is a very hard concept to grasp. Did their gah-men screwed up or something? Can someone explain this in layman, in the style of Iceland-Bankrupt?-for-dummies?

4 Minutes and Thirty-Three Seconds...

John Cage's 4'33" is perhaps an excuse for musicians to just relac one corner. And of course this is a disgusting opinion coming from a lousy person who cannot understand anything avant-garde.