Shine Comes Off Euro Membership, Even for Poorest Country |
| CNBC - Sep 17, 2012 |
With Europe still in the grips of a financial crisis, the EU countries yet to join the single currency are making increasingly negative noises about entry. Once seen as a crowning moment in a long process for new EU states aspiring to full integration, even the EU's poorest member is now having second thoughts.
European Union membership dictates that new members join the single currency once they meet certain criteria. Bulgaria, the Czech Republic, Hungary and Lithuania do not currently have a target date for adoption of the euro while Latvia and Romania have tentative dates of January 2014 and 2015 respectively, with the heads of these countries making more positive sounds in the media.
Bulgaria, announced earlier this month that it has indefinitely frozen plans to adopt the euro. Prime Minister Boyko Borisov denounced struggling euro zone countries as being like a “spoilt child”, resisting the fiscal reforms needed to receive bailouts from the European Central Bank.
Read Full Article from CNBC
- Posted: 2012-09-17 13:51:12
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