Icelandic president after 20 years away

- President Olafur Ragnar Grímsson of Iceland set itself after twenty years in the office no longer re-election. He announced Friday in his New Year speech.

It's time to lay the responsibility on other shoulders, said the 72-year-old president. Now is a good time for the country to approach the presidential election in a new way. The island nation in the North Atlantic chooses a new president on June 25. Grímsson held the highest office since 1996 and was re-elected in 2012 for the latter.

The reputation of Iceland in recent years some dents incurred. After the financial crisis of Iceland in 2008 Grímsson repeatedly refused to put his signature on bills, such as the agreement to repay the debt for the bankrupt Icesave bank.