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I think Zimbabwe also qualifies. Probably plenty more...

The big difference is that Zimbabwe isn't playing in the big leagues, Iceland was supposedly a rocksolid 1st world country.

Seems like that's just better PR. 10 Years ago Iceland was, in most people's minds, something akin to Greenland now. Cold, desolate, poor.

These people obviously weren't well read. Iceland was well to do even 10 years ago.