Word: icelander
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Dates: during 2000-2009
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...this means that Iceland could leapfrog other wannabe members in the E.U. queue such as Albania and Turkey, and join at the same time as the current frontrunner candidate country, Croatia. E.U. enlargement commissioner Olli Rehn told U.K. daily The Guardian in January that it could happen as soon as 2011, although most other scenarios put it at 2012 or 2013. "The E.U. prefers two countries joining at the same time rather than individually," Rehn said. "If Iceland applies shortly and the negotiations are rapid, Croatia and Iceland could join the E.U. in parallel...
...Joining the euro could happen soon after that. Reykjavik officials have backed down from their earlier talk about "unilateral euroization" - using the single currency without going through the rigorous euro accession process - but once the economy settles, joining could be relatively straight-forward. Iceland's debt, deficit and inflation rates currently too high to fulfill the euro criteria - are expected to fall fast over the next few years to meet the entry demands. (See pictures of the Top 10 scared traders...
...However, the government would almost certainly need to renegotiate its $6.3 billion agreement to reimburse the Dutch and British who had accounts with Icesave, the internet arm of the now-defunct Landsbanki, which collapsed last October. The deal was a condition of the IMF bailout, and Iceland has 15 years to pay it back. But the sums total almost half the country's annual output and could jeopardize any recovery...
...Nevertheless, now that the parliament has backed the E.U. bid, Iceland's application is expected before the end of July. The European Commission could rush through an official positive opinion in six months, which would make Iceland a formal candidate by early 2010. The actual entry talks could take another year, or two. At the same time, Iceland would have to amend its constitution. (See a video on Iceland's financial collapse...
...final say would rest with Icelandic voters, who will eventually decide on accession in a national referendum. Although opinion polls currently show around 70% of Icelanders backing the launch of E.U. accession talks, there is still time for voters to change their minds about joining. But whatever the outcome, Iceland has already destroyed its myth of splendid isolation...