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Iceland negotiates with the EU

2010-07-27 14:31

Today Iceland starts negotiations on joining the EU - RIA Novosti.


The decision was endorsed at yesterday's sitting of the EU Council in Brussels.

At the pinnacle of financial crisis Iceland submitted an application on joining the EU and eurozone. Many EU citizens were clients of Icelandic banks, and bankruptcy of the latter can cause economic shock in the EU. This fact favoured inclusion of Iceland in the plan for saving the baking sector.

Iceland is a member of visa-free Shengen and united European economic zone. Nevertheless, some issues should be agreed on - like quotes for fishing division, prohibition of hunting whales, compensations of EU citizens aggrieved in result of Icelandic banks' bankruptcy .

Negotiations can be finished in record-shattering period, and by early 2012 it can become the 28th EU member.

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