^ House of cards Iceland is worse:
The financial sector assets expanded to over 1,000 percent of GDP, while gross external indebtedness reached 550 percent of GDP at end-2007, largely on account of the banking sector.
The global turbulence has taken a significant toll on domestic financial markets since end-2007. The CDS spreads of the three largest domestic banks have risen sharply, approaching 1000 basis points and the freely floating Icelandic króna has depreciated by over 40 percent. Despite minimum public sector debt, the sovereign is facing a significantly increased risk premium.
Public Information Notice: IMF Executive Board Concludes 2008 Article IV Consultation with Iceland
The Economist calls it "kreppanomics" (kreppa = "in a pinch").
Iceland's household debt is 213% of disposable income, compared to 169% in the UK and 140% in the US.
Oops.
Iceland in hot water | Kreppanomics | The Economist