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ANOTHER COUNTRY IS signing up to the Euro currency and will be able to withdraw the notes from midnight tonight.
Lithuania is the last Baltic nation to adopt Europe’s single currency as it hopes to boost stability despite fears of inflation and eurozone debt woes.
Baltic leaders will withdraw their first euros from a Vilnius bank machine just after midnight, as the eurozone gains its 19th member and fireworks sign off a year marked by alarm over Russia’s role in the Ukraine conflict and its economic crisis.
Minted
Lithuania brought in 132 million individual banknotes — standard across the bloc — from the German Bundesbank but minted its own euro coins.
They include the national coat of arms, a knight on horseback with sword and shield, which has appeared on the national currency since the 14th century.
The two currencies will circulate together for two weeks, while dual pricing will remain in shops until June.
The central bank warned residents to take out enough cash for New Year festivities in case of technical disruptions.
Welcome
The European Commission meanwhile draped a huge banner over its Brussels headquarters:
Welcome to the euro area, Lithuania!
For a nation scarred by decades of Soviet occupation, eurozone entry is an important step and symbol of “deeper economic and political integration with the West”, Lithuanian President Dalia Grybauskaite said in a statement.
Other countries once behind the Iron Curtain are now enjoying top positions in the European Union: former Polish premier Donald Tusk took over as president of the European Council in December, while Latvia assumes the rotating EU presidency 1 January
The three Baltics broke free from the Soviet Union in 1990-1991 before joining the EU and NATO in 2004. Estonia and Latvia became eurozone members in 2011 and 2014.
But in the run-up to the change from the litas to the euro, public support has wavered.
Support
Just over 53% of the population of three million backed the euro and 39 percent were against, according to a November survey released by the central bank.
“I support the euro because it leads to greater integration into the EU and makes travelling in the EU easier,” said 26-year-old lawyer Karolis Turcinavicius.
But pensioner Danute Petkeviciene remained skeptical.
“The euro will not increase pensions or wages, it will only increase prices. But they have already decided,” she said.
Vilnius resident Teresa said she regretted losing a symbol of the country’s statehood.
“But it’s part of globalisation,” she added.
Political uncertainty
Lithuania’s membership comes as political uncertainty in Greece is once again stoking fears that the eurozone’s debt crisis could flare up.
Vilnius has already committed hundreds of millions of euros to the eurozone’s rescue fund for struggling members.
“Financial commitments are a huge burden and increase the country’s debt. I think we should have delayed entry,” financial analyst Valdemaras Katkus told AFP.
The litas has actually been pegged to the euro since 2002, making it dependent on the European Central Bank. Vilnius had hoped to adopt the euro in 2007 but failed to meet the inflation criteria.
The global financial crisis put the goal on hold in 2009, when Lithuania suffered a deep recession.
Biting austerity measures far exceeding any applied in Western Europe turned the economy around, resulting in recent growth of around three percent.
But social security cuts and other slashed public spending also encouraged record emigration to richer European nations such as Britain.
Most analysts say eurozone entry will foster export growth and encourage investment.
“Government, businesses and households will benefit from lower borrowing costs,” said Vaiva Seckute, a senior economist at Swedbank Macro Research.
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Another victiim of the EU vampire. I’m sure German exporters will be happy.
Don’t do it..!
Lambs to the slaughter !!
The Fourth Reich has another vassel state !
Idiots.
132,000,000 banknotes….that’s a lot of confetti
Poland still haven’t started using euro was there for a weekend & still use their own currency…. Be interesting to see what will happen with lithuania …
Poland has the only economy in Europe that did not go into recession since the stuff hit the fan in 2008. They’d have been mad to join it in recent years as they would have had to pour money down a black hole for the likes of Greece.
Instead, they were able to use the same money to develop the country after decades of neglect under Russia. It seems to have been money well-spent. In some aspects, the country looks more developed than anywhere in Western Europe now. The motorway network, for example, is absolutely outstanding. Still a lot of work to do, but keeping the zloty for now was one very good choice on Poland’s part. And this coming from someone who lived in Poland and quite pro-euro.
Could that be because their people who are all over the world are sending the money home from the countries they are working in and the euro worth a hell of alot more than polish currency?
People i know from poland and buying and building houses and apartments from their earnings here in Ireland. I dont believe they have property tax or water charges or even road tax etc… food is cheap as hell and black market clothing cars etc, rampant there. So comparing like for like not the same.
They have property tax, water charges and road tax is included in the price of petrol. Food is cheap, yes. But that is because Poland can produce virtually all kinds of food apart from bananas and pineapples. Black market clothing? Don’t know where you got that from. The biggest shopping centres in Europe are to be found in Poland and they are packed to the rafters every Saturday.
And yes, Poland benefits a lot from remittances from its people who live abroad. But that can only go so far in a country of 38 million people.
right, so poland isn’t a poor economy then? right, never knew that. wow. give them a hand, grow bigger boots, forget everything. i was expecting that though. i know a few here, renting out their non-disclosed properties in Poland and claiming SW assistance here. easy i guess when you’ve got a lazy force here to investigate it. They have been reported though. For a country like Ireland that can still offer FREE education to help our own unemployed but is taken FULL advantage of by the new members would suggest to me that its their countries that are not just in recession, they’re in it up to their heads.
Course its better here, which explains. Trying to make out its better there, does not wash. Pride is it? Self esteem, chip?
Lithuania? Must be no access to any media weather it’s propaganda or not. Talk about jumping onto a sinking ship. The Germans are happy another country to rape. ..
All of a sudden I can hear Queens ‘Another one bites the dust’ in my head…
Give them six months before they realize there fu€£
Most places have been displaying prices in Litas and Euros for last few months. What will impact Lithuania more is the Russian economy, loads of Russians and Belarusians visit coastal resorts in Lithuania and spend small fortunes (Cost more than 2 weeks average Lithuanian Industrial wage to stay in a 4\5 Star Hotel in Palanga for 1 night).
Allegedly a lot of Litas from under the mattress being spent recently.
DONT. DO. IT !!!!!!!,
Prepare yourselves Lithuania… Price rises on the way…
Fools
Lithuania are getting in as we prepare to exit ……
God help them
What a disaster! … More money for the elite, and of course all polls taken indicated that the vast majority didn’t want to join the EU , just the countries elite wanting to join up with the EU’s parasite class, so they can rape the nation.
The only logical explanation is these euro-haters must be functionality illiterate.
“Suffered deep recession in 2009, biting austerity measures far exceeding those of Western Europe turned the economy around….”
For those that like to blame the EU for Ireland’s problems… Denial, it’s not just a river in Egypt you know.
I’m sorry I had to say this…. There is obviously a lot of Germans or people who still think the euro can be saved (euro lovers) …. due to all the red thumbs on the comments. … People it’s over the sooner we realise it the better. …
A mistake of expansion.
Their problems are just beginning.
Obviously they will cause their money is worth shi* on the international markets. Creating these quango currencies when their economic value isnt on par with the rest of more well off countries only creates black hole. Its in their best interest to do so. Not in our best interest though. The more countries that are in this euro currency joke the less bartering needed and de values other countries value as a trading area. Having different currencies makes much more sense. Funny how the governments dont seem to give a toss about that as they still have their money and riches and so do the rich. When are people going to wake the hell up. It is like the euro vision joke. As they will all just trade with their neighbours. The stronger the currency the better the country does. UK have right idea keep their currency value being worth more than euro as would Irish currency be worth more and Norway etc…
What does this mean for Ireland?
It means they get on board and gain out of euro as their currency worthless compared to euro,there fore they are already in debt by billions. lol Meaning another country for you and i to bail out in about ten years when they go bang.
That’s not correct. Like most lefties you ignore several relevant facts. The ECB now supervise and regulate banks and Euro economies are limited to a budget deficit of 3%. Don’t let the facts get in the way of course and keep promising Shangri-La you can no longer deliver along with Adams, Murphy, Higgins et al
HURRAY! HURRAY!! HURRAY!!!
I want to start by saying a big than you to God almighty because he made everything possible and makes things easy for you if you believe. I know a lot of people has heard of the BLANK ATM CARD, and i have been scammed thrice trying to get the card until i came across this comment of Twitter by Sherry on how she got an ATM card from {hackedblankatm.creditscard.org@gmail.com}. I contacted this seller and he told me that i had to pay for he card after which it will be delivered to my home, i never believed everything because i thought i was about to loose another money to scams but i was told that this was real and gave me some few numbers to call to confirm if it was real and i did which i confirmed real and immediately i decided to proceed with all their requirement and Few days later i received a mail from the courier and also along with my tracking number and two days later, i got my card delivered to my home address by DHL. My hope in life of achieving my goals has turned reality at last by the help of this ATM group seller. Contact email: (hackedblankatm.creditscard.org@gmail.com)
Next Ukraine but they have to finish ethnic cleansing first in the East with their neo-nazi paramilitaries who are killing beside the Kiev army…
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