"Europe is the problem, " Olafur Ragnar Grimsson said at the World Economic Forum in Davos, Switzerland.

BBC: Davos 2013: Iceland slams Europe over fishing policy

President Olafur Ragnar Grimsson and Iceland's Parliament had agreed to a repayment plan drawn up as what the press their calls the Icesave law, named for the high-interest accounts at the heart of the mess.

FORBES: Debt On Ice

"This so-called social media has transformed our democratic institutions in such a way that what takes place in the more traditional institutions of power -- congress, ministries, even the White House or the presidency and the cabinet in my country -- has become almost a sideshow, " Olafur Ragnar Grimsson, Iceland's president, said in an interview with CNN on Thursday at the PopTech conference here in coastal Maine.

CNN: John D. Sutter,