Iceland didn't have a revolution, but it did have a different style of "civil uprising", which was down to some unique circumstances.
Firstly, there was a lot of corruption going on in Iceland, with rich people squirrelling money out of businesses and into their back pocket. In Iceland, more then the rest of western Europe, it's not what you know but who you know, which leads to an even higher perception of corruption (ie. fathers getting kids nice and well paid jobs for doing little in their companies).
Secondly, as noted, the banks went bust. The Icelandic Government spent a huge amount of money to reimburse Icelandic savers who lost money from the banks. Bear in mind this is a country of 330,000ish people - not a very large population to spread the cost across.
Thirdly, due to the EFTA/EEA, Iceland was bound to treat all European citizens equally, and significant amounts of UK and Dutch savers had money in Icelandic banks. Iceland decided not to reimburse those savers, in breach of the treaty (rightly or wrongly - granted Iceland would of struggled to pay them, but it is in breach of the treaty). The UK and Dutch Governments stepped in to reimburse savers in the UK and Netherlands who lost money in the Icelandic accounts. The UK and Netherlands then tried to bill Iceland to reimburse themselves for the money - which if I remember right was approximately £4,000,000,000. Bearing in mind the small population, I think this worked out at approximately £12,000 per tax payer in Iceland. Not a small amount of money. Iceland went to referendum twice over the matter, with the population refusing to pay the UK and Dutch Governments. The matter was in the EFTA courts last time I checked.
Mix all three factors together, you have a pissed off population with a clear and united "thing" to be angry at - not an easy combination of factors.
The problems in southern Europe are different in that the Governments themselves have massively overspent.