22 December 2010

EUROZONE: Some In Eastern Europe Now Balking At Euro Adoption.

BBC/ Laurence Knight /

     Many nations in central and eastern europe are thinking long and hard about their promise to adopt the euro when they signed up for the EU.
     The "PIIGS" (Portugal, Ireland, Italy, Greece and Spain) were caught in the euro trap because the boom years hyped labor and public finances but the bust has left them uncompetitive with a major debt. But inside the euro zone, the easy cure, currency devaluation, is not available.
      Now, some pols and much of the public in the Czech Republic and Poland don't really want to join the eurozone.