Iceland cancels its EU Membership

FXStreet (Mumbai) - Iceland's six years of its EU membership is finally over, after the country's government went ahead with its plans to pull out of a potential relationship with the European Union on Thursday.

Iceland has been on the verge of withdrawing its application ever since the centrist Progress Party and the conservative Independence Party won the elections in April 2013 with their anti-EU policy stance.

The government has made its aversion to EU membership clear, stating only this week on its web site that "Iceland's interests are best served outside the European Union."