Skip to: Content
Skip to: Site Navigation
Skip to: Search
THURSDAY, NOVEMBER 26, 2009
| Subscribe to Newser's RSS feeds RSS | Follow Newser on Twitter Twitter


3

Its Economy in Ruins, Iceland Votes to Join the EU

Share

(Newser) – Iceland held fast to its independence as it rocketed to become one of the world's richest nations. But after a spectacular bust that decimated its currency and felled its government, the island nation has voted to join the EU. The accession plans are a victory for the country's new PM, Jóhanna Sigurdardóttir, who is trying to stabilize the country after its entire banking system collapsed. While the EU is nearly certain to accept Iceland's membership, meeting the bloc's economic requirements will take at least 18 months.

The Icelandic parliament building in Reykjavik pictured on Wednesday Jan. 28 2009. By a narrow majority, MPs voted to begin accession to the European Union.
The Icelandic parliament building in Reykjavik pictured on Wednesday Jan. 28 2009. By a narrow majority, MPs voted to begin accession to the European Union.   (AP Photo/Brynjar Gauti )
Iceland's economy was nearly wrecked as the global financial crisis took its toll on the country's oversized banking system.
Iceland's economy was nearly wrecked as the global financial crisis took its toll on the country's oversized banking system.   (©ezioman)
Johanna Sigurdardottir, the Icelandic prime minister.
Johanna Sigurdardottir, the Icelandic prime minister.   (AP Photo/Brynjar Gauti )
« Prev« Prev | Next »Next » Slideshow
OFF THE GRID
11.24.09
Murdoch and Microsoft: The Mice Are Trying to Roar
11.23.09
Books Are Bad for You
3 comments
VIEWING:
 
Fondue
Jul 17, 09 7:25 AM CDT
I love Iceland and was really worried about how hard they were hit. Glad to see things begin to turn around. Reply
Vote up! Vote down!
+2
Doctor_Zaius
Jul 17, 09 7:56 AM CDT
Just another country devistated by Milton Friedman's fairytales. Reply
Vote up! Vote down!
-1
IndependentThinker
Jul 17, 09 10:28 AM CDT
And Globalization grows... Reply
Vote up! Vote down!
-2
LEAVE A
COMMENT Comment Policy
Facebook ConnectPost this comment to Facebook?

After connecting you will have the option to post your comment on your Facebook profile.

 

Related Newser Stories

96 Stories

 Iceland Too Poor 
 for McDonald's 

With currency off 80%, golden arches fall

Oct 26, 09 2:55 PM CDT
(Newser) - Soon there will be at least one country you can visit without seeing the golden arches. The financial crisis hit Iceland’s currency so hard that McDonald’s, which imports most of its ingredients, can’t afford to operate there anymore. “We would have to raise our prices by... More »

MORE ABOUT:
globalization • McDonald's • Iceland • economy • financial crisis

(AP) - On the second try, Ireland has delivered "a convincing win" for the European Union's reform treaty, Irish Foreign Minister Micheal Martin said today, with the "yes" vote running about 60%  nationwide in early returns. "I'm absolutely delighted for the country. It looks like a convincing win... More »

MORE ABOUT:
European Union • Europe • voting • Ireland • Lisbon Treaty • Micheal Martin

 As Failures Mount, FDIC 
 Asks Banks to Prepay 

Regulator wants cash upfront through 2013 to avoid emergency credit line

Sep 30, 09 7:03 AM CDT
(Newser) - The FDIC is set to ask banks to prepay three years of fees to replenish its coffers after a wave of bank failures, estimated to cost as much as $100 billion. Banks would be asked to prepay $45 billion of their quarterly assessments, but they wouldn't have to report the... More »

MORE ABOUT:
FDIC • bank failure • financial crisis • Sheila Bair • regulator

96 Stories


World 
TwitterFollow @NewserWorld on Twitter

 
European Union • Europe • Iceland • bank failure • financial crisis • Johanna Sigurdardottir

from our news partners