Credit:Flag courtesy of ITA’s Flags of All Countries used with permission.

Election Date: May 24, 2008

At stake: President

Background

Located between Norway and Greenland, this northern-Atlantic island was first populated during the 10th century. Most of its current population of just over 300,000 lives in the seven per cent of territory that has arable land. The rest of Iceland is made of over 200 volcanoes and ice.

In the year 930, Icelanders founded what is recognized today as one of the earliest versions of a legislative body, the Great Diet. The legislature voted in favour of full independence from the Danish king in 1944. Iceland had been practically independent since 1918, but was still nominally under the rule of the Danish monarch. Iceland still abides by the 1944 constitution, and has no navy or army.

Iceland was used as a base for British and American troops during World War II, who were fighting off Germany’s occupation of Denmark. In 1949, Iceland joined the North Atlantic Treaty Organization (NATO). In 1970, it also joined the European Free Trade Association, but to this day has declined accession to the European Union (EU).

During the 1970s, Iceland and Britain fought the "cod wars" over territorial fishing limits that Iceland extended arbitrarily. The conflict ended in 1976 with Britain’s recognition of the new boundaries.

In 1980, Icelanders elected the first female president in the world, Vigdis Finnbogadottir. She served in office for four consecutive terms, retiring in 1996. The president is head of state in Iceland, and the prime minister serves as head of government.

Fishing and fishing-derived products as well as aluminum production and tourism are the main drivers of Iceland’s economy. In the early 1990s, Iceland’s economy suffered from a drop in fishing products in the international market. However, the country recovered fast, and its per capita income was the highest in Europe for the following years.

One of Iceland’s main challenges today is a growing labour shortage, driven mostly by a negative population growth and young people emigrating to other European countries.

In 1991, David Oddsson became prime minister, governing with a centre-right coalition led by his Independence Party (SSF). Oddsson would earn new mandates in 1995, 1999 and 2003, retaining his position as the longest serving prime minister in Europe.

Olafur Ragnar Grimsson has been Iceland’s president since 1996. In 2000, the Great Diet decided to give the president another term without a ballot. Icelanders re-elected him June 2004, when he defeated two rivals with 85.6 per cent of all cast ballots.

In 2004, foreign minister and Progressive Party (FSF) leader Halldor Asgrimsson took over as prime minister.

In 2006, following a poor showing from the FSF in local elections, Asgrimsson tendered his resignation and was substituted by the right-wing Independence Party (SSF) leader Geir Haarde. The government was formed then by a coalition between the FSF and the SSF.

In the May 2007 legislative ballot, the SSF became the biggest party in the legislature with 25 seats. A new government encompassing the SSF and the SF was officially introduced. Haarde retained his post as prime minister.

Click Here for Iceland’s 2007 Great Diet Election Tracker

2008 Presidential Election

On New Year’s Eve, Icelandic president Olafur Ragnar Grimsson announced he would seek a new term in office. Asthor Magnusson, a peace activist and businessman who has contested the presidential ballot three times before, has said he is considering running again.

In mid-March, Grimmson became the first Icelandic president to officially visit Mexico. Grimsson offered Mexico help with developing an economy based on production of clean energy, and added: "Our countries can cooperate in other ways too, like by encouraging creative culture, establishing technological and scientific co-operational projects and strengthening the relations between our universities."

On May 24, the deadline to register presidential candidates passed. Since no person chose to challenge Grimsson, he won a new term unopposed. The Jun. 28 election was cancelled.

Political Players

President: Olafur Ragnar Grimsson
Prime minister: Geir Haarde - SSF

The president is elected to a four-year term by popular vote. In 2000, the Great Diet decided to give the president another term without an election.

Legislative Branch: The Althing (Great Diet) has 63 members, elected to four-year terms by proportional representation.

Results of Last Election:

President - Jun. 26, 2004

Diet - May 12, 2007

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