Iceland first, who's next?
Since seeing the news that Iceland was on the verge of a currency collapse I have been following their news. I saw earlier in the week their market reopened at 23c on the dollar from the previous close. Iceland has those derivative things, the CDOs, which have been a source of enormous uncertainty in the markets. Yves explains this stuff fairly well. It doesn't give a dollar value for the Iceland problem...
Marketbeat has news on which other countries are in serious trouble. Countries with serious credit default swaps are Ukraine, Venezuela, Pakistan, Argentina, and Kazakhstan. Hungary is also at serious risk.
Isn't Venezuela having big battles over oil? Now that oil is tanking it seems to me that this problem could get riskier.