Iceland down but not out

Although reeling from the global financial crisis, tiny Iceland is well positioned to recover and can serve as a model on how to tackle the energy and climate change challenges, its president said on Tuesday.

"Icelanders are fortunately aware that despite the current financial challenges, our long-term resources are fundamentally strong," he told the seminar on the theme "Small States - Emerging Powers."

Grimsson pointed to Iceland's "enormous wealth in the potential for clean energy production, both geothermal and hydro, strong fish stocks, large reservoir of fresh drinking water, plus the beautiful natural wilderness, valleys and rivers."

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