In 2008, Iceland fell victim to the banker global financial crisis.
Instead of bailing out its banks using taxpayer funds like the United States and EU, Iceland simply let its bank default.
The country took a very different approach to handling its debt crisis. For better or worse, Iceland made an independent decision.
Now Iceland is breaking away from the western world order once again, and opting to not move forward with its EU application. Smart move Iceland.
Via Sputnik News Agency:
Iceland is expected to withdraw its application to become a member of the European Union, the Reykjavik Grapevine reported Monday, citing the country’s prime minister.
“Participating in EU talks isn’t really valid anymore. Both due to changes in the European Union and because it’s not in line with the policies of the ruling government to accept everything that the last government was willing to accept. Because of that, we’re back at square one,” Icelandic Prime Minister Sigmundur David Gunnlaugsson was cited as saying by the magazine.
Iceland’s government is now set to make a second attempt at revoking the country’s EU application. The country’s ruling coalition first decided to submit a bill to stop EU accession early last year, sparking major protests in the capital, Reykjavik.
In an interview with the Icelandic Morgunbladid newspaper on Monday, Birgir Armannsson, chairman of the Foreign Affairs Committee in Iceland’s parliament, stated that “it is not unexpected that the prime minister is likely to present a new parliamentary resolution to revoke the membership application.”
Iceland applied to join the European Union in 2009 and began formal negotiations the following year. After the 2013 elections, the country’s new center-right government decided to end accession talks with the EU. Iceland is currently a member of the European Economic Area, the European Free Trade Association, and a part of the Schengen Area.