As countries go, it is miniscule.
For comparison - Lehman Brothers had a market cap three times the size of Iceland's GDP.
Vallejo, CA - the town that went bankrupt - has a population about half of Iceland's/
the value of its economic output, its GDP, is about $20bn; but its big banks have borrowed some $120bn in foreign currencies.
Now that’s what I call leverage - and remember that’s just the overseas liabilities of its commercial banks.
If this were a business, and if it had no other borrowings (which of course Iceland does have), this would be a debt-to-ebitda ratio of 6.
Iceland’s population is about 230,000 I think