Executive branch: chief of state: Queen MARGRETHE II of Denmark (since 14 January 1972), represented by High Commissioner Bente KLINTE, chief administrative officer (since NA) head of government: Prime Minister Anfinn KALLSBERG (since NA May 1998) cabinet: Landsstyri elected by the Faroese Parliament elections: the queen is a constitutional monarch; high commissioner appointed by the queen; following legislative elections, the leader of the party that wins the most seats is usually elected prime minister by the Faroese Parliament; election last held NA 1994 (next to be held NA 1998) election results: Edmund JOENSEN elected prime minister; percent of parliamentary vote - 23.4%
Legislative branch: unicameral Faroese Parliament or Logting (32 seats; members are elected on a proportional basis from the seven constituencies to serve four-year terms) elections: last held 30 April 1998 (next to be held by NA July 2002) election results: percent of vote by party-Republicans 23.8%, People's Party 21.3%, Social Democrats 21.9%, Coalition Party (Union Party, Labor Front, Home Rule Party) 15%; seats by party-Republicans 8, People's Party 8, Social Democrats 7, Coalition Party 6, other parties 3 note: election of 2 seats to the Danish Parliament was last held on 21 September 1994 (next to be held by September 1998); results-percent of vote by party - Unionist Party 22.5%, People's Party 21.7%; seats by party-Unionist Party 1, People's Party 1
Judicial branch: none
Political parties and leaders: Social Democratic Party [Joannes
EIDESGAARD]; Workers' Party [Alis JACOBSEN]; Home Rule Party [Helena
Dam A NEYSTABO]; Unionist Party [Edmund JOENSEN]; Republican Party
[Heini O. HEINESEN]; Center Party [Tordur NICLASEN]; Christian
People's Party [Niels Pauli DANIELSEN]; People's Party [Arnfinn
KALLSBERG]
International organization participation: none
Diplomatic representation in the US: none (self-governing overseas administrative division of Denmark)
Diplomatic representation from the US: none (self-governing overseas administrative division of Denmark)
Flag description: white with a red cross outlined in blue that extends to the edges of the flag; the vertical part of the cross is shifted to the hoist side in the style of the Dannebrog (Danish flag)
@Faroe Islands:Economy
Economy-overview: The Faroese economy in 1995 and 1996 saw a noticeable upturn after several years of decline brought on by a drop in fish catches and declining prices and by over-spending by the Faroese Home Rule Government (FHRG). In the early 1990s, property values plummeted, and the FHRG had to bail out and merge the two largest Faroese banks. Fishing is now improving; wage costs are increasing; the FHRG's budget is almost in balance; and the large foreign debt has come down significantly. Nevertheless, the total dependence on fishing makes the Faroese economy extremely vulnerable, and the reduction in the foreign debt is at the cost of low investment. Oil finds close to the Faroese area give hope for deposits in the immediate Faroese area, which may lay the basis for an eventual economic rebound. The Faroese are supported by a substantial annual subsidy from Denmark.