Its Economy in Ruins, Iceland Votes to Join the EU

By Jason Farago, Newser Staff

Posted Jul 17, 2009 7:09 AM CDT

(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. (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. (©ezioman)

Johanna Sigurdardottir, the Icelandic prime minister. (AP Photo/Brynjar Gauti )

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Its Economy in Ruins, Iceland Votes to Join the EU

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Eurozone Economy Shrinks

Nine of 17 member states post a fall

Portugal May Need a 2nd Bailout

Country's troubles likened to Greek crisis

EU Rolls Out Embargo on Iran Oil

May also freeze central bank's assets

Greece Hires Out Ancient Ruins to Raise Cash

The Acropolis, the temple of Delphi, and Parthenon going for $2,070 a day

How Iceland Got Its Groove Back

Letting its banks perish worked out for island nation

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OTHER STORIES ON OUR RADAR

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

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Eurozone Economy Shrinks

Nine of 17 member states post a fall

Portugal May Need a 2nd Bailout

Country's troubles likened to Greek crisis

EU Rolls Out Embargo on Iran Oil

May also freeze central bank's assets

Greece Hires Out Ancient Ruins to Raise Cash

The Acropolis, the temple of Delphi, and Parthenon going for $2,070 a day

How Iceland Got Its Groove Back

Letting its banks perish worked out for island nation

About Us

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Newser By Users

Community

Site Maps

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