Reykjavik, Safar 7, 1433, Jan 1, 2012, SPA -- Icelandic President Olafur Ragnar Grimsson on Sunday announced he would not seek a fifth term in a June election, saying he wanted to focus on other interests, dpa reported. During his latest term, Grimsson twice vetoed government bills to compensate Britain and the Netherlands for money those countries spent to secure savings by their nationals that were wiped out in 2008 after the collapse of Icesave, an online arm of Iceland's Landsbanki. --SPA 18:27 LOCAL TIME 15:27 GMT www.spa.gov.sa/957777