Slovakia Is Counting on Euro to Shield It From Crisis - by Radoslav Tomek and Andrea Dudikova
Slovakia, which becomes the 16th member of the euro region tonight, is counting on the currency to help shield it from the brunt of the global crisis that’s pummeling emerging markets. Slovakia, which joined the European Union in 2004, will be the second former communist country to make the switch after it held down inflation, debt and its budget deficit. The former Yugoslav republic of Slovenia was admitted two years ago. The nation is making the change while eastern European currencies and economies plunge because of the worldwide credit squeeze. The European Central Bank may balk at further expansion of the euro bloc for now, foiling other countries’ efforts to gain financial support and fend off deeper recessions.
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