| | Slovakia becomes newest eurozone member
BRATISLAVA (AFP) — Slovakia adopted the euro as of Thursday to become the 16th member of the eurozone, exactly ten years after the single European currency was introduced.
About 100,000 people, including a number of tourists, gathered in Bratislava's main square for the ceremony crowned with midnight fireworks dominated by blue and yellow, the colours of the European Union.
"Many people are already paying in euros," said a 24-year-old vendor named Lucia, charging 1.5 euros for a cup of hot punch or wine.
Nearby, two 18-year-old students, David and Laco, were selling kisses for a euro each among a crowd of partying people sporting flashing headbands, hats and colourful wigs.
Slovaks are dropping the national currency, the koruna, 16 years after the former Czechoslovak federation split amicably in 1993.
The left-leaning Slovak government led by Robert Fico is hoping the single European currency will shield the country from the current financial crisis and help it maintain its rapid economic growth.
The former communist country, which launched the euro adoption process after joining the EU 2004, was lucky enough to complete the euro talks before the crisis struck in September, and to obtain a favourable exchange rate of 30.126 korunas per euro.
Slovakia has opted for a "Big-Bang scenario" with a dual circulation period shortened to two weeks, which means shops will accept korunas until January 16 but they will return only the new euro notes and coins featuring the Slovak cross, Bratislava castle and Mount Krivan.
Slovak authorities believe most of the cash will be swapped in the first week of 2009, according to the official website www.euromena.sk.
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