1 Jul 2012

President re-elected

1:37 pm on 1 July 2012

Progress election results suggest President Olafur Ragnar Grimsson of Iceland is set for a fifth term in office. With 20% of the votes counted, Mr Grimsson, 67, secured 52.5% support on Saturday.

Main challenger Thora Arnorsdottir, 37, has acknowledged defeat. She came second, with 33.2% of the vote.

The presidency is a largely ceremonial post and Mr Grimsson has been in office for 16 years.

The BBC reports he is popular for using his power of veto on plans to pay 4 billion euros (£3.2 billion) to Britain and the Netherlands for debts incurred during the 2008-9 financial crisis.

This veto, and others, were overwhelmingly approved in subsequent referendums.