Presidential elections in Iceland

Controversial incumbent President Olafur Ragnar Grimsson faces five other candidates in this Saturday's presidential election in Iceland, the BBC reported.

Since the last presidential election, Iceland has seen the 2008 collapse of three of its major banks - with international repercussions - following the government's decision not to bail them out. It has also seen the steady recovery of its economy with the help of IMF funds.

Mr Grimsson faces tough competition from a female journalist with no previous political experience who has suggested the country is ready for a change of leader.