Hannes Gisurarsson's opinion in the WSJ (link) summarized the timeline and details that flipped Icelandic economy into the financial crisis as well as the political turmoil in the country.
"Moreover, Mr. Oddsson is one of the few Icelanders who sounded the alarm bells before the crisis hit the island. At a breakfast meeting of the Icelandic Chamber of Commerce in November 2007 -- a year before the banking collapse -- the governor said: "Iceland is becoming uncomfortably beleaguered by foreign debt. At a time when the Icelandic government has rapidly reduced its debt and the Central Bank's foreign and domestic assets have increased dramatically, other foreign commitments [by private banks] have increased so much that the first two pale into insignificance in comparison. All can still go well, but we are surely at the outer limits of what we can sustain for the long term."