Iceland has long been shrouded in the utmost Nordic mystique -- the tiny European island-country is home to things like hot springs, government-subsidized healthcare, paltry daylight hours and Bjork. But even the most ethereal of nations hasn't been able to buffer itself against the realities of economic crisis, and there's no more telling sign of the extent of Iceland's hardship than McDonald's very recent decision to close its three restaurants on the island.

Iceland once found itself among the world's wealthiest nations per capita. But the country's economy has completely tanked within the last year, with 65 percent of Icelandic businesses and 25 percent of households on the brink of bankruptcy. The currency, the krona, has collapsed, and economic struggle coupled with questionable moves by the government have resulted in unprecedented civil unrest.

And so McDonald's has jumped ship and says it has no plans to return. The restaurant's ingredients are largely imported from Germany, which operates on the strengthening Euro, leading to a doubling in costs in Iceland for the global fast food giant. If McDonald's were to stay in Iceland, it would need to raise the price of a burger enough to make it the most expensive Big Mac in the world.

The exit will make Iceland one of just a few European countries without a McDonalds, a group that includes Albania, Armenia and Bosnia. MoneyWeek blogger David Stevenson explained that if anything, McDonald's exit from Iceland may serve as an example of what could happen to a much larger country -- namely Britain -- whose currency value is also sliding.

"So what can we learn from this?" he wrote. "Well, while sterling hasn't suffered anything like as much as the krona, it's been sliding while the Bank of England has printed more money (more pounds = lower price) and as our government debt has ballooned. The more the pound falls, the more our import costs climb."