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Niall Ferguson, respected economic historian, warns of other European countries facing an Iceland style bankruptcy. 'Switzerland is first in line… and Britain is not far behind,' he says. While many politicians in Europe like to shift the blame for the credit crisis to the U.S. Niall points out that excessive lending and leveraging was much more endemic in countries such as Germany and the U.K. Yet the U.K Prime Minister, Gordon Brown, like many European politicians continues to argue that the world is being brought down by a U.S. caused recession.