Showdown between Iceland, fishermen?

By

SeafoodSource staff

Published on
May 22, 2012

Iceland is heading for a showdown with its fishermen as the government claws back control over its economy following its financial collapse in 2008.

Prime Minister Johanna Sigurdardottir, a flight attendant turned union organizer, is seeking to raise fees for the right to fish off the north Atlantic island and also to limit the ability to rent or sell fishing quotas in a revamp of the nation’s 1984 fishing law.

The government is fighting for control over an industry that accounts for about 25 percent of gross domestic product after the island’s push into high-finance ended in an economic collapse in 2008. The island, which was bailed out by the International Monetary Fund and its Nordic neighbors after the collapse of its three largest banks, has since tried to return to motors of growth such as tourism, energy and fishing.

Click here to read the full story from Bloomberg Businessweek > 

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