Icelanders will go to the polls on Saturday in a referendum on resuming European Union membership negotiations, in a tight race that will be closely watched in Brussels. The country of just under 400,000 people applied to join the EU in the wake of a 2009 financial crisis that devastated its economy. Accession talks were suspended in 2013 when a eurosceptic government came to power. The result of the referendum is now expected to be very close, as the latest opinion polls place the “Yes” and “No” sides tied. Read moreIceland will vote on reopening EU accession negotiations in a close referendum “It’s quite tight, but I’m always optimistic,” Foreign Minister Thorgerdur Katrin Gunnarsdottir, a staunch Europhile, told AFP. “It’s not done until it’s done.” Voting begins at 9:00 a.m. (09:00 GMT) and closes at 10:00 p.m. With no exit polls and given the close race, the first reliable results are not expected until Saturday night. The around 273,000 voters are asked to answer “Yes” or “No” to the question: “Should Iceland resume accession negotiations with the European Union?” If the “Yes” vote wins, an accession agreement would be negotiated with Brussels and then put to a new referendum on actual membership. The issue of fishing – a pillar of Iceland’s economy and over which Reykjavik wants to retain exclusive control – would have to be negotiated with Brussels, which this time seems more willing to reach an agreement. “The fundamentals are very internal, but there is a significant impact that came with the second term of (US President) Donald Trump and this kind of geopolitical upheaval,” Bifrost University political scientist Eirikur Bergmann told AFP. Now that Iceland’s economy is booming, some voters see no reason to discuss EU membership, given that the country already has access to the single market as a member of the European Economic Area. “It’s like you’re in a relationship with someone you don’t live with, and if you lose something you have by getting married, then why get married?” said Hjordis Vilhjalmsdottir, a 60-year-old radio presenter whose glasses bore the red, blue and white colors of the Icelandic flag. “We don’t need Brussels to govern us. We can do it ourselves,” said Elias Theodorsson, a 65-year-old businessman. “Just a hundred years ago we were one of the poorest countries in Europe. And now we are the most prominent country in Europe. We did it ourselves,” he said. Money talks The flip side of Iceland’s regained prosperity is skyrocketing inflation and interest rates. Some households are paying nine percent interest on their mortgages, making the prospect of joining the eurozone – with its much lower rates – very attractive. “There is such a big gap that it would mean a lot to my home,” said Alexandra Yr van Erven, a 32-year-old university administrator. “I just think it’s the responsible thing to do to give this government the agency to negotiate a deal with the EU, so we can see what the possibilities are. And then we can evaluate the deal.” On the global stage, the return of war in Europe with the Russian invasion of Ukraine has shaken established security doctrines. The unpredictability of US President Donald Trump and his threats to seize neighboring Greenland have increased Icelanders’ concerns. Read moreSeizing Greenland, a long-standing US obsession Its island is strategically located in the subarctic, has no army and depends on NATO and a 1951 bilateral agreement with the United States for its defense. “The validity of that agreement is now being questioned,” Bergmann said. “Geopolitical changes are impacting the debate, but they are not driving it.” The referendum result will be closely watched by the EU, which has not welcomed a net rich contributor to its budget since 1994. “Security and the dilemma over Greenland have increased the urgency” of the EU referendum in Iceland To display this YouTube content, you must enable ad tracking and audience measurement. OK Manage my options One of your browser extensions appears to be blocking the video player from loading. To view this content, you may need to disable it on this site. Try again Cover image: A PROPOSAL © FRANCE 24 Brussels would see Iceland’s membership as an example of positive enlargement that could also make it more acceptable to accept poorer countries like Montenegro, or even help change some mentalities in Norway, an ultra-rich country that is not a member of the EU and could end up isolated. “Iceland’s decision would certainly strengthen the case for the EU to welcome new members,” said EU Enlargement Commissioner Marta Kos. (FRANCE 24 with AFP)