Faroe Islands helps neighbour Iceland

THE tiny fishing state of the Faroe Islands has come to the aid of its main neighbour Iceland with a loan of 300 million Danish kroners (about £32 million sterling).

THE tiny fishing state of the Faroe Islands has come to the aid of its main neighbour Iceland with a loan of 300 million Danish kroners (about £32 million sterling).

The move is seen as an act of solidarity between two nations who depend on the fishing industry for its main source of revenue and export earnings.

Faroese government representatives discussed the issue with all parties on the islands and decided to offer the loan , which represents about £650 per head of the population in the Faroes, to be credited to the Faroese national account at Iceland's Landsbanki Bank. The two countries share trawling rights in certain common fishing agreements and have some swap agreements on fishing quotas. Last year they signed a friendship agreement in Reykjavik and agreed closer co-operation on fishing matters.

Some Icelanders are reported to be a little uneasy about taking money from such a tiny nation ( population just under 50,000). Norway, another major Nordic fishing country, has also offered help to Iceland.

The Faroese prime minister Kaj Leo Johannsen said: 'Iceland is experiencing difficult times, and for us it is important to help friends in need. Our two nations have a close relationship and we want to express our support with this contribution.'

Iceland's prime minister Geir H. Haarde: replied: 'The support from our neighbours and friends is invaluable in these challenging times. We need help to revive the economy after the sudden failure of our country's banks, and we truly appreciate it when we see our friends doing what they can to help us.'

http://www.fishupdate.com/news/fulls...r_Iceland.html

A good example of Germanic solidarity.