Even Iceland with it’s population now are doing well after their extreme banking collapse “the worst banking collapse in the world ever”. It made it much easier for them to rectify the problem by staying out of this union.
Iceland is a typical example of a country using borrowing to fake the effects of a healthy economy.
Iceland was lent 100% of its GDP to keep the deficit spending going, there are capital controls forcing the exports to convert at the ‘official’ exchange rate, its credit rating is shot and it can only borrow at high rates from lenders who have been described as ‘scary’ (don’t repay our money and we will break your arms, scary).
Iceland is burning through this borrowed money and will probably crash again when it runs out.