Iceland's longtime President Oladur Ragnar Grimsson re-elected REYKJAVIK, Iceland, July 1 (UPI) -- Iceland's president was re-elected to a fifth term this weekend and will continue to guide the island nation's economic recovery. Oladur Ragnar Grimsson, 69, out-gained five competitors with 53 percent of the vote and held on to the office he has held since 1996. Journalist Thora Arnorsdottir came in second with 33 percent. Her campaign was interrupted for much of last month when she gave birth to her third child. The Financial Times said voters apparently decided not to change horses in midstream as Grimsson oversees a tentative economic recovery and also carries on negotiations over Iceland's entry into the European Union. Grimsson had planned to retire at the end of his current terms, but agreed to run again after his supporters collected 30,000 petition signatures urging him to seek another term. Grimsson overcame criticism over his backing of Iceland's banking industry in a rapid expansion that fell apart early in the global financial crisis. He then twice vetoed plans in the parliament to repay Britain and the Netherlands for debts stemming from the 2008 banking crisis. Iceland also faces obstacles to EU membership related to fishing quotas, the newspaper said.