This chapter is based on the country mission report the author presented to the UN Human Rights Council in March 2015. On the one hand, it assesses to what extent Iceland fulfilled its obligations to secure economic, social and cultural rights in the aftermath of its recent banking crisis. Though Iceland managed the crisis better than many other countries and responded overwhelmingly in compliance with its international obligations, certain gaps that should be addressed are identified. On the other hand, it identifies several good practices on how States facing a financial crisis can prevent and/or minimize negative human rights impacts in the context of economic adjustment programmes. International organizations and other countries can learn from the particular path chosen in Iceland, which included protecting its core social welfare system, tax progressive reforms, efforts to ensure citizens participation in the decision-making process and endeavours to establish political, administrative and judicial accountability.