Latvia rings in New Year by joining the euro
Print Edition
Latvia woke up to both a New Year and a new currency yesterday, after the ex-Soviet Baltic state swapped its cherished lats for the euro at midnight, becoming the 18th member of the troubled eurozone.
The entry of the country of two million people capped another turbulent year for the eurozone, recovering gradually from a crippling debt crisis and ensuing recession.
Despite the fanfare, with a firework display over Riga, many in Latvia bade a reluctant farewell to the lats, seen as a proud symbol of independence from the Soviet Union.
With fears over possible price hikes and uncertainty about joining a bloc in crisis, polls show that only around a quarter of Latvians are enthusiastic about adopting the euro.
Half oppose the third currency switch in just over two decades, as they join a club in which five of its members have been forced to seek an international bailout in recent years.
Nevertheless, Prime Minister Valdis Dombrovskis, who has pushed through a bruising set of austerity measures to meet the stringent criteria for joining the bloc, hailed it as a “big opportunity” for Latvia’s economy as he withdrew a crisp new 10-euro note after midnight.
Avoiding excessive debt through “responsible” spending was key to success, he said.
Not everyone shared his optimism, however.
“This isn’t a happy day. The lats is ours, the euro isn’t — we should have kept the lats,” said Zaneta Smirnova as the 40-year-old watched ceremonies marking the euro adoption.
European Commission President Jose Manuel Barroso praised Latvia’s “unwavering determination,” as he welcomed the newest member of the eurozone — now a bloc of 333 million Europeans.
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