Alistair Darling today revealed that the whole of Iceland has gone bankrupt following the collapse of the only Icelandic Bank, Landsbankinn.
Thousands of people have been left without jobs as the credit crunch hit Iceland, and many more have been left without readily available cheap food.
Darling had some good news: "On the plus side, we won't be seeing Kerry Katona in any more commercials."
This terrible news has left mums across the UK with nowhere to go.
With Iceland being the main supplier of frozen fish across Europe, it is expected that there will be a knock on effect of bankrupting Norway; a country children in O-level geography are told has a sole export of fish.
Former CEO of Iceland, Magnús Magnússon, had the following message: "Apparently, the frozen section of Lidl is very good. They have bought all our stockpiled chicken dippers at auction for 35p. That's fifteen pence off the retail price! You had no passes."
The only other Icelander known outside of Iceland, Björk, had this to say: "SQUEEEEEEEEEK!"