Prime ministerDavíð Oddssonand former foreign ministerJón Baldvín Hannibalssonconsidered running in the election.[3]Guðrún Pétursdóttir, an academic, ran, but withdrew from the race ten days prior to the election date.[3]
Ólafur was considered a left-wing politician at the time, having been the leader of the left-wingPeople's Alliancefrom 1987 to 1995.[3]Guðrún Agnarsdóttir,a former member of parliament for theWomen's List,was considered on the left as well.[3]Pétur Hafstein announced his candidacy shortly after Davíð decided not to run. Pétur was aSupreme Courtjudge, and was expected to appeal to voters of the conservativeIndependence Party.[3]Ólafur's campaign was described by political scientist Ólafur Harðarson as "Americanized", as Ólafur emphasized his personal qualities rather than his political background and views.[3]
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