>>>Financial crisis has started everywhere because capital flow got globalized some time ago. Naturally enough, the weakest parts of the system, i.e. with more reckless money management structures got hit stronger. I don't share your idea about Cyprus, though I admit that you may have more experience with it, i.e. if you think that this is the most insane place so be it. As far as I know, some parts of the Europe, e.g. Iceland, really took stronger hit because of problematic financial structures, i.e. "mess".
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>>The problem Iceland has, was a result of three (or was it four?) Icelandic banks going bankrupt within a few days. These banks had debts which were many times bigger than the BNP of Iceland, since they had expanded all over Europe without having the necessary fundings. The Icelandic authorities were forced to take over these banks, or practically every Icelandic family had to "throw in the towel"-
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>Iceland's families own those banks, and have signed the command to the bankers to go into so many risky loans? Tsk, tsk... so how many generations will all Icelanders have to work to pay this off?

No, Iceland's families don't own these banks, it's more the other way around. Since most of the families have morgages in these banks, they would have to refinace their mortgages in a hurry. And with today's financial problems, and the reduced values of their homes, that would be close to impossible.