Friday, April 18, 2014


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Latvia Becomes Newest Eurozone Member

The euro will replace the country's current currency, the lat, though both currencies will be legal tender for the first 14 days of the new year before the lat is dropped.
The euro will replace the country's current currency, the lat, though both currencies will be legal tender for the first 14 days of the new year before the lat is dropped.
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Latvia has joined the eurozone at the start of 2014.

After midnight on January 1, Prime Minister Valdis Dombrovskis symbolically withdrew a crisp 10-euro note and his country became the 18th member of the eurozone.

He said that joining the European currency was "a big opportunity for Latvia's economic development."

The euro will replace the country's current currency, the lat, though both currencies will be legal tender for the first 14 days of the new year before the lat is dropped.

Latvians are reported to have mixed feelings about the currency change, with polls this month showing just one-quarter of the population is excited about starting to use euros.

The main concern is rising prices amid already severe austerity cuts.

Based on reporting by AFP and AP

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