While some commentators are claiming the world is coming out of the financial crisis, the experience of Iceland suggests we might all be in for another rough ride.

The small North Atlantic nation lying between Europe and North America was the first country to be hit by the credit crunch, suffering the total collapse of its banking sector in the first week of last October.

British economist Robert Wade, who correctly predicted the collapse two years earlier (and tried unsuccessfully to warn the government) believes Iceland epitomises the problems the global economy still faces.

'Very little has been done to address the deeper causes of the crisis in Iceland. And I think unfortunately, that is the microcosm of what's happening elsewhere. We are moving back quite rapidly in the United States and Britain, Wall Street and the City of London towards something like business as usual.' ROBERT WADE

A year after the crash, reporter Eric Campbell investigates the tragi-comic saga that saw this nation of 310,000 try to become the new Wall Street. He uncovers not just over-confidence and incompetence but widespread corruption.

Watch the video and the whole story here on ABC