Iceland is focusing its hopes on the Arctic , as the eurozone remains in financial crisis . ` Being part of the eurozone , they could n't devalue their currency . The president says he would veto a parliamentary decision to approve EU membership . Iceland allowed its banks to fail during its crisis , and the economy has since recovered .
Iceland is focusing its hopes on the Arctic , as the eurozone remains in financial crisis . The president says he would veto a parliamentary decision to approve EU membership . Iceland allowed its banks to fail during its crisis , and the economy has since recovered .