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Iceland may reconsider EU membership

Posted by seumasach on October 29, 2008

Winninpeg Free Press

27th October, 2008

HELSINKI, Finland – Iceland’s business affairs minister says his country should reconsider applying for membership in the European Union and joining the common EU currency to help in future financial crises.

Bjorgvin Sigurdsson says that his governing Social Democratic Party backs applying for membership in the bloc and that Iceland’s current crisis will probably increase discussion in Iceland about the merits of joining.

Sigurdsson was speaking after a meeting of Nordic foreign ministers in the Finnish capital on Monday.

Last week, Iceland reached tentative agreement with the International Monetary Fund for a $2 billion loan over two years after the country’s banking system collapsed amid the global credit crunch.

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