ICELANDIC ARDOUR FOR EUROPE'S CLUB COOLS

Four months later, as crisis-hit European countries such as Poland and Hungary consider joining the eurozone as quickly as possible, Icelanders are no longer looking overseas so rapturously.

The latest polls reveal less than 40 per cent now back an application to join the bloc, compared with a mid-crisis high of nearly 80 per cent.

The reasons for the fall-off are mixed. Fissures inside the eurozone between large members, such as Germany and France, and small ones, such as Greece and Ireland, are undermining the zone's attractiveness to a tiny country. Icelanders see little point in enduring one currency crisis only to get embroiled in another.

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