President of Iceland concerned over "grave situation"

President Ólafur Ragnar Grímsson will be meeting with the leaders of all the governmental parties of Iceland today, in the wake of the Panama Papers crisis.

He flew back to Iceland  earlier than scheduled this morning as a result of the ongoing governmental crisis. This was reported by Icelandic news website Vísir this morning. 

Speaking to Vísir, President Grímsson calls the situation very "grave" and states that "the President needs to be present to do his duty."

President Grímsson was in the US on personal business. 

The office of the President of Iceland is not a political one. Article 2(24) of the Icelandic constitution states that the President has the authority to dissolve Parliament and call for new elections. Speculation has therefore been rife as whether to the President will use this authority.

However, Professor of Law at the University of Iceland Ragnhildur Helgadóttir has recently said in an interview with the Kastljós news programme last night that the President cannot call for dissolution of Parliament alone.

For this to happen he would need a receive a proposal to that effect from the Prime Minister for the dissolution of Parliement which he would then accept. 

Financial Minister Bjarni Bene­dikts­son also arrived to Iceland this morning from a holiday in the US. He is meeting with Prime Minister Sigmundur Davíð Gunnlaugsson this morning.