Republic of Iceland (1944–present)

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Republic of Iceland (1944–present)

Post by kosovohp on Tue Nov 02, 2010 10:22 am

In 1946, the Allied occupation force left Iceland, which formally became a member of NATO on 30 March 1949, amid domestic controversy and riots. On 5 May 1951, a defense agreement was signed with the United States. American troops returned to Iceland and remained throughout the Cold War, finally leaving on 30 September 2006.

The immediate post-war period was followed by substantial economic growth, driven by industrialization of the fishing industry and the Marshall aid programme. The 1970s were marked by the Cod Wars—several disputes with the United Kingdom over Iceland's extension of its fishing limits. The economy was greatly diversified and liberalized when Iceland joined the European Economic Area in 1994.

During the period 2003–07, Iceland developed from a nation best known for its fishing industry into a country providing sophisticated financial services, but was consequently hit hard by the 2008 global financial crisis, which extended into 2009.[25] The crisis has resulted in the greatest migration from Iceland since 1887

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