One of the comments on the article (from an Icelander) put it best:
"No, it is not good to have our independent currency. With fall of the banks the Icelandic Krona devaluated by half, resulting in inflation by some 30 -40% from the fall (could be over 40% - did not calculate). This meant much higher cost of living on the same income. Worst of all was though the fact that all loans in Iceland are linked to inflation rate which has resulted in outstanding amount of loans increasing by the same (est. 40%). This has resulted in the fact that for all homeowners from 25 - 40 years of age; all lifesaving is gone and for many outstanding loan amount much higher than property value.
Result: Icelanders are paying big time for the fall and will be for decades to come ! This is by far not any "dream position" to be in !
You earn the same in Iceland as you did in 2007, cost of living has gone up by 30 -40%, taxes are up by far, your outsanding amount on loans has gone up by the same as inflation. If you still have job, you are struggling to survive. If you don´t have a job you are either suicidal thinking or on the way to Norway for better living. "
People talk about growth in Iceland, but that growth has come after a massive drop. People talk about Iceland without ever having visited the country, before or after the crash. Yes, they still have their independence. But are they any better off? The only thing you can say for Iceland is that they took the pain in one go, whereas we are taking it in a thousand goes.