Iceland Up for Emergency EU Membership

Brussels says it will fast-track process for crisis-stricken nation
By Jason Farago,  Newser Staff
Posted Jan 30, 2009 6:26 AM CST
The Icelandic parliament building in Reykjavik.   (AP Photo/Brynjar Gauti )
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(Newser) – Iceland will be fast-tracked into the European Union to rescue the tiny Nordic state from financial disaster, senior officials in Brussels tell the Guardian. Depending on the result of the Icelandic election, the country could apply for membership as soon as May. While accession to the EU normally takes years, Iceland could become a member in 2011—but 18% interest rates and a decimated economy may make joining the euro more difficult.