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22/06/07 -
Cyprus and Malta Cleared to Join Euro |
EU leaders gave their
backing overnight for Cyprus and Malta to adopt the euro, clearing the
way for the two Mediterranean islands to join the 13-nation eurozone in
January, the EU presidency said.
At a Brussels summit, the heads of state and government from the 27-nation
European Union deemed the two nations - which joined the bloc in 2004 - to
be ready for the euro, giving top-level political backing to their euro
ambitions.
The European Commission set Cyprus and Malta on the path to the euro last
month by ruling that they had met the strict macroeconomic criteria needed
to become members of the single European currency club.
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