Money worries? Fear not...

It looks increasingly likely that Iceland is going to bail-out on the the money it 'supposedly' owes the U.K. and Dutch governments. If your unaware this situation has erupted since the failure of the top Icelandic banks, locking out administrative divisions in the U.K. and the Netherlands from there hard earned tax payers money.

(Read more here at BBC News)

I'm not entirely convinced they owe any money. If you put your money in assets abroad and they fail, you lose money, doesn't take an Economics graduate to figure that out. From my point of view as a Brit I sincerely hope someone has last their job because of this faux pas, I could have invested the money better in a hobo with magic beans. However, If I was an Icelandic citizen I wouldn't like to pay for the mistake of some overpaid banker in Reykjavik or an accountant somewhere in the U.K. playing Russian roulette with tax money.

Problem is, If your Icelandic, not paying this debt back will probably set back your entrance to the lucrative E.U. a few decades, snuff out any further support from the IMF and pretty much guarantee that British and Dutch citizens will be eating Norwegian fish for the next millennium.

So what do you do?

My advice, to all those Icelandic citizen not happy with the prospect of paying back billions to foreign governments, grab a copy of Swan's 'Practical English usage', and go teach English somewhere! abandoning all your fiscal responsibilities in Iceland!

I mean, it's not a new idea, two English teachers I have met here abandoned the debts they had in their home country. One because they simply couldn't afford to pay back the amount the other because the bank's bureaucracy failed to acknowledge their relocation abroad and simply never sent a demand for payment. If a British bank can't make contact with you for six years they drop the debt.

So Icelanders, a six year stint teaching English somewhere and your free!