After length negotiations between the British and Icelandic governments a deal has been thrashed out to repay the £10 billion owed to British companies and charities that had been tied up in the Icelandic banks that went belly up.
The British penal system that is currently overstretched is to be eased as Iceland will take as many prisoners as the British will send them.
Magnús Scheving, minister for sport in Iceland said today, "This is a good move for both parties. The British have too many prisoners, and we have a very poor cricket team, and our rugby team is not too hot either. After looking at Australia, we have realised that the way to improve both our national teams in these sports is to take British prisoners. We expect that it will take about twenty years, but we will have a world beating cricket team."
Scheving, better known as Sporticus in the hit childrens TV program, Lazy Town, went on, "We already have a world beating bobsleigh team, second only to Barbados, with this latest move I expect us to perform in other arenas. We are already negotiating with Sky Sports to broadcast Glacier 20-20 games, sponsored by Schweppes."
Iceland are now set to also take British drunks to improve their snooker and dart teams.