Iceland through a large part of his past, economically speaking, was a poor European country, dependent on imports. Pulling the country out of the economy at the beginning of the 90s of the last century there have been significant changes in the economic field. At that times, effective liberalization of financial markets and introduced floating exchange rate of Icelandic krona. From poorer country Iceland has become a financial and banking center with a high quality of life. Banks were privatized and the financial sector has strengthened. Loans have become available to absolutely everybody and the country has lived in prosperity. However, the international financial market is experiencing a credit collapse and complete freezing. The crisis has spread to other economies of the world and has not avoided Iceland. After the collapse of the banks that were actually the main cause of the situation, an essential move was their rehabilitation and the creation of a new banking system. Banks are divided into new and old, and started the renovation. After the restructuring of the banks, Iceland obviously needed help from other countries. They introduced capital controls to ensure the funding of residents. Currency stabilized and the debt to the IMF is back on schedule. The country has recovered but they needed more time to return to pre-crisis situation.