Iceland claims to be the world's oldest democracy. In the year 930, at the end of the settlement period, a national legislature (Althingi) was established and a legal code adopted. Althingi is the first national parliment in the world. After a 45 years hiatus, the Althingi was re-established in 1845.
Iceland is a parliamentary democratic republic. A president is elected by direct popular vote but executive power rests with the Government led by the Prime Minister. Head of State is President Gudni Th. Johannesson and Head of Government is Prime Minister Bjarni Benediktsson.
The major parties include the Independence Party, the Left Green Movement, the Pirate Party, the Reform Party and Bright Future. The current government is formed by the coalition of the Independence Party, the Reform Party and Bright Future.
On 1st of December 1918, Iceland became a sovereign state in a royal union with Denmark. On 17 June 1944, Iceland became a republic. The national day of Iceland is 17th of June, the birth date of founding father Jon Sigurdsson.