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Iceland is to be fast-tracked into the European Union in an attempt to stop the country going into complete financial meltdown, it emerged last night.
The small Arctic nation is expected to apply for membership within months and become the 29th member state of the EU within just two years.
Olli Rehn, the European commissioner in charge of enlargement, said: 'The EU prefers two countries joining at the same time rather than individually. If Iceland applies shortly and the negotiations are rapid, Croatia and Iceland could join the EU in parallel.