facebook
twitter
rss
account
search
search
 

Latvia applies to join eurozone

March 6, 2013 at 6:17 PM   |   Comments

BRUSSELS, March 6 (UPI) -- Latvia has applied to become the 18th country in the Eurozone.

The government submitted its request Tuesday, EUobserver reported. If it is granted, the euro would replace the lats Jan. 1.

Recent polls show the move is not popular with the Latvian public. About two-thirds say Latvia should stick with the lats.

The Latvian economy grew steadily in the early years of the new century but crashed with the global economic crisis. It has since made a comeback.

"Latvia's decision to request entry to euro area shows how much progress the country has made to get its economy back on track after the 2008-9 crisis," EU Economics Commissioner Olli Rehn said after he received the application.

Eurozone finance ministers are expected to decide in July if Latvia's petition should be approved. The European Commission and European Central Bank are scheduled to report in June on whether Latvia is ready to join the euro.

Topics: Olli Rehn
© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Great white shark circling surfers photographed by drone Great white shark circling surfers photographed by drone
2
Louisiana judge rules state's gay marriage ban is unconstitutional Louisiana judge rules state's gay marriage ban is unconstitutional
3
Poland buys medium-range missiles from U.S. Poland buys medium-range missiles from U.S.
4
Jessica Arrendale dies shielding daughter from boyfriend with gun Jessica Arrendale dies shielding daughter from boyfriend with gun
5
Watch: News anchor resigns live on-air to sell pot, '[Expletive] it, I quit' Watch: News anchor resigns live on-air to sell pot, '[Expletive] it, I quit'
Trending News
Video
x
Feedback