3.6.2 The Faroe Islands: General information
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This article is from the Nordic countries FAQ, by Antti Lahelma and Johan Olofsson, with numerous contributions by others.
3.6.2 The Faroe Islands: General information
The Faroe Islands consist of 18 islands of which only Koltur and Lítla
Dímun are unpopulated. The largest islands are Streymoy, Eysturoy,
Vágar, and Suðuroy.
The inhabitants of the Faroe Islands descend from the Viking settlers
who arrived in the 9th century and the pre-existing Celtic population.
Apart from fishing and sheep husbandry the Faroese have traditionally
also been netting birds, gathering eggs, and hunting the small pilot
whale. These activities remain an important supplement to the economy
in the Faroese society today. The Faroese have a rich cultural
heritage; language and customs (such as the old traditional Faroese
chain dance) are kept very much alive.
The parliament (Fa: Løgtingið, Da: Lagtinget) consists of 27-32
members. The government (Fa: Landsstýrið, Da: Landsstyret) has
executive power in all local affairs. The political parties in the
Faroe Islands cover the traditional left-right spectrum. But in
addition to that (and independent from that) there is another
political spectrum regarding the relations to Denmark; from unionists
over more-home-rule advocates to republicans. The Faroes elect two
members to the Danish parliament.
These days the Faroese must cope with the decline of the all-important
fishing industry and one of the world's heaviest per capita external
debts of nearly 30,000 USD. The fishing industry has been plagued with
bankruptcies. Denmark has threatened to withhold its annual subsidy of
130 million USD - roughly one-third of the islands' budget revenues -
unless the Faroese make significant efforts to balance their budget.
In addition to its annual subsidy, the Danish government has (through
the Faroese government) bailed out the second largest bank, the Føroya
Banki, to the tune of 140 million USD since October 1992.
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