Malta and Cyprus: New Kids On The Euro Block
Who says hard work doesn’t pay off? The European Union has given the island states of Cyprus and Malta approval to adopt the euro at the start of next year, giving the two governments the space to loosen their fiscal belts following painful efforts to meet stringent EU fiscal targets.
Finance ministers of the 27 members of the EU voted to allow the two countries to join the euro zone on Jan. 1, 2008, raising the number of countries using the currency to 15. The EU also fixed the euro's rate against their current currencies at 0.5853 Cypriot pounds and 0.4293 Maltese lira. The euro is currently trading at $1.3712, up from $1.3626.
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