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Cyprus, Malta Adopt Euro

Fireworks herald Mediterranean islands' currency change

By Jim O'Neill, Newser User

Posted Jan 1, 2008 12:35 PM CST

(Newser) – The new year brought a new currency to Malta and Cyprus, which today became the 14th and 15th countries to adopt the euro. The changeover went smoothly, the EC said in a statement. "Both Cyprus and Malta are small, open and thriving economies for whom having a stable and widely used currency will provide a major advantage," an economist told Bloomberg.

Malta and Cyprus will now have representatives on the European Central Bank's governing council, giving them a voice in setting interest rates. To prepare for the transition, Cypriot officials sent out 300,000 currency converters, and the Maltese government established a phone hotline and special centers, the AP reports. The northern, Turkish-controlled part of Cyprus will retain the Turkish lira.

Euro flags are seen in Valletta, Malta, Monday, Dec. 31, 2007. EU newcomers Cyprus and Malta start using the euro at midnight Monday, tying two tiny countries on the edge of Europe to its core institutions... (Associated Press)

A man passes in front of a banner showing the Euro zone money outside the Central Bank in Nicosia, Cyprus, Friday, Dec. 28, 2007. Cyprus and Malta will join the euro zone, on Tuesday, Jan. 1, 2008. (AP... (Associated Press)

A man is seen walking near a sign that showing the 2 Euro coin, in Nicosia, Cyprus, Friday, Dec. 28, 2007. Cyprus and Malta will join the euro zone, on Tuesday, Jan. 1, 2008. (AP Photo/Petros Karadjias) (Associated Press)

The Euro logo is seen next to an automatic teller machine in Valletta, Malta, Monday, Dec. 31, 2007. EU newcomers Cyprus and Malta start using the euro at midnight Monday, tying two tiny countries on... (Associated Press)

Cypriot President Tassos Papadopoulos holds the first euro after withdraws from an Automated Teller Machine during a Finance Ministry ceremony in capital Nicosia, Cyprus, early Tuesday, Jan. 1, 2008,... (Associated Press)

Maltese Prime Minister Lawrence Gonzi, left, and Parliamentary Sec. for Ministry of finance Tonio Fenech show the first euro notes from an ATM as they celebrate the introduction of the Euro in Malta,... (Associated Press)

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Meanwhile, Italy announces austerity measures

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OTHER STORIES ON OUR RADAR

euro • Cyprus • international currency • Malta • eurozone

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Euro Breakdown Starts Now

CEBR gives Eurozone 99% failure rate over 10 years

Euro Dives Below $1.30

Italian bond sale drives price south

Sarkozy, Merkel Announce Plan to Save Euro

Meanwhile, Italy announces austerity measures

Clutching at Straws

Euro leaders must embrace real fiscal union before it's too late

Get Ready for 'Eurogeddon'

Jeremy Wagner warns of riots, 'biggest mass default in history'

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