They bailed out the banks and guaranteed the deposits of internal savers by separating the banks into internal and external debt. The only reason that they are not paying foreign deposit holders is due their financial institutions are being broken up and asset stripped to pay back the foreign government who protected their own investors, currently 53% has been paid back with the remaining 47% by the end of 2017 This has nothing to do with the Icelandic government who had started to renegociate with foreign governments to pay back.
http://www.lbi.is/library/Opin-gogn/skyrslan/Q2%202013%20-%20LBI%20open%20site.pdf
Iceland's application to the EU started in 2009 and is currently suspended as they cannot agree fishing policy with the EU, however as a member of the EEA and Schengen area it has less control over its borders, multiculturalism and mass immigration than the UK.
http://www.eeas.europa.eu/iceland/index_en.htm
Iceland is a member of the United Nations and is bound by the same international laws as every other member
http://en.wikipedia.org/wiki/Category:Member_states_of_the_United_Nations
Iceland has very strict gun laws that require every gun to be licenced as is the individual who owns them, semi automatic weapons are banned and very few people own handguns.
http://www.ibtimes.com/iceland-plenty-guns-hardly-any-violence-1021958
There was a US airforce base on Iceland for over 50 years with approx. 2,000 troops there at any time - it was the US's decision to abandon it base in Iceland as the cold war had ended and it no longer needed what was effectively a refuelling station in the mid Atlantic
It is also one of the highest taxed nations in Europe with an annual tax free allowance of around £3,000 (compared to the UK's £10,500) and income tax rates starting at 37% and the highest rate starts at less than £50,000. VAT is also at 25%. It is also one of the most expensive places to live.
And finally when he was talking about Britain trusting its people he was talking about the use of referendums Grimsson uses them a lot as he believes this is direct democracy, in the UK they are not used often as we believe in representative democracy. He did acknowledge that it is easier to have direct democracy with a population of 300,000. The only connection to the BBC is that it was an interview on Newsnight.