- published: 07 Jan 2010
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The President of Iceland (Icelandic: Forseti Íslands) is Iceland's elected head of state. The president is elected to a four-year term by universal adult suffrage and has limited powers. The constitution does not limit the number of terms the president is allowed to serve. The president is not the head of government; the prime minister is the head of government. There have been five presidents since Iceland became independent from Denmark in 1944. The incumbent is Ólafur Ragnar Grímsson, who is now in his fourth term as president, first elected in 1996, and returned unopposed in 2008.
The presidential residence is situated in Bessastaðir in Álftanes, near the capital city Reykjavík. The nation's constitution specifies that when the president cannot perform the duties of the office, such as when he or she is abroad or under anesthesia, the prime minister, the president of the parliament, and the president of the supreme court collectively assume the power of the office. The three vote on any presidential decisions that must be made during that time. The president is also the designated grand master of the Order of the Falcon.
Iceland i/ˈaɪslənd/ (Icelandic: Ísland, IPA: [ˈislant]) is a Nordic European island country in the North Atlantic Ocean, on the Mid-Atlantic Ridge. The country has a population of about 320,000 and a total area of 103,000 km2 (40,000 sq mi). The capital and largest city is Reykjavík, with the surrounding areas in the southwestern region of the country being home to two-thirds of the country's population. Iceland is volcanically and geologically active. The interior mainly consists of a plateau characterised by sand fields, mountains and glaciers, while many glacial rivers flow to the sea through the lowlands. Iceland is warmed by the Gulf Stream and has a temperate climate despite a high latitude just outside the Arctic Circle.
According to Landnámabók, the settlement of Iceland began in AD 874 when the chieftain Ingólfur Arnarson became the first permanent Norse settler on the island. Others had visited the island earlier and stayed over winter. Over the following centuries, Norsemen settled Iceland, bringing with them thralls (slaves) of Gaelic origin. From 1262 to 1918 Iceland was part of the Norwegian and later the Danish monarchies. Until the 20th century, the Icelandic population relied largely on fisheries and agriculture, and the country was one of the poorest and least developed in the world. Industrialisation of the fisheries and aid from the Marshall Plan brought prosperity in the years after World War II, and by the 1990s it was one of the world's wealthiest countries. In 1994, Iceland became party to the European Economic Area, which made it possible for the economy to diversify into economic and financial services.