Iceland PM Wins Mandate in Crisis Election

(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. More»

Brussels says it will fast-track process for crisis-stricken nation

(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. More»

Geir Haarde cleared on four other charges

(AP) - A special court today found a former Iceland prime minister guilty of one charge related to the nation's banking crisis but cleared him of four other charges. Geir Haarde will face no punishment, and the state will pay his expenses in defending the case. Haarde, who led the government from 2006 to 2009, was the first government leader anywhere to face criminal prosecution because of the global banking crisis. The 15 members of the Landsdomur, a special court founded in 1905 to deal with criminal charges against Icelandic government ministers, returned a 500-page verdict, but only a brief summary was announced in public. More»

It's an attempt to prevent euro countries from running up huge debts

(AP) - The leaders of 25 European states today signed a new treaty designed to prevent the 17 euro countries from living beyond their means and prevent a repeat of the currency union's crippling debt crisis. The leaders hope the accord, known as the fiscal compact, will also lead the way toward closer political and economic integration in the eurozone. Only Britain and the Czech Republic decided not to sign the agreement, triggering some concern over a rift in the 27-country European Union. More»

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

(NEWSER) - Debt-stricken Greece is taking an unprecedented step and exploiting its own magnificent history to raise cash and help its crippled economy. The Guardian reports that Greece is offering up its architectural masterpieces, including the Acropolis, the temple of Delphi, and the Parthenon, as backdrops for movies, commercials, and photo shoots—for $2,070 a day. The culture minister promises to be selective, but the plan is still controversial as the sites are considered sacred cultural landmarks. More»