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ANOTHER COUNTRY IS signing up to the Euro currency and will be able to withdraw the notes from midnight tonight.
Lithuania is the last Baltic nation to adopt Europe’s single currency as it hopes to boost stability despite fears of inflation and eurozone debt woes.
Baltic leaders will withdraw their first euros from a Vilnius bank machine just after midnight, as the eurozone gains its 19th member and fireworks sign off a year marked by alarm over Russia’s role in the Ukraine conflict and its economic crisis.
Minted
Lithuania brought in 132 million individual banknotes — standard across the bloc — from the German Bundesbank but minted its own euro coins.
They include the national coat of arms, a knight on horseback with sword and shield, which has appeared on the national currency since the 14th century.
The two currencies will circulate together for two weeks, while dual pricing will remain in shops until June.
The central bank warned residents to take out enough cash for New Year festivities in case of technical disruptions.
Welcome
The European Commission meanwhile draped a huge banner over its Brussels headquarters:
Welcome to the euro area, Lithuania!
For a nation scarred by decades of Soviet occupation, eurozone entry is an important step and symbol of “deeper economic and political integration with the West”, Lithuanian President Dalia Grybauskaite said in a statement.
Other countries once behind the Iron Curtain are now enjoying top positions in the European Union: former Polish premier Donald Tusk took over as president of the European Council in December, while Latvia assumes the rotating EU presidency 1 January
The three Baltics broke free from the Soviet Union in 1990-1991 before joining the EU and NATO in 2004. Estonia and Latvia became eurozone members in 2011 and 2014.
But in the run-up to the change from the litas to the euro, public support has wavered.
Support
Just over 53% of the population of three million backed the euro and 39 percent were against, according to a November survey released by the central bank.
“I support the euro because it leads to greater integration into the EU and makes travelling in the EU easier,” said 26-year-old lawyer Karolis Turcinavicius.
But pensioner Danute Petkeviciene remained skeptical.
“The euro will not increase pensions or wages, it will only increase prices. But they have already decided,” she said.
Vilnius resident Teresa said she regretted losing a symbol of the country’s statehood.
“But it’s part of globalisation,” she added.
Political uncertainty
Lithuania’s membership comes as political uncertainty in Greece is once again stoking fears that the eurozone’s debt crisis could flare up.
Vilnius has already committed hundreds of millions of euros to the eurozone’s rescue fund for struggling members.
“Financial commitments are a huge burden and increase the country’s debt. I think we should have delayed entry,” financial analyst Valdemaras Katkus told AFP.
The litas has actually been pegged to the euro since 2002, making it dependent on the European Central Bank. Vilnius had hoped to adopt the euro in 2007 but failed to meet the inflation criteria.
The global financial crisis put the goal on hold in 2009, when Lithuania suffered a deep recession.
Biting austerity measures far exceeding any applied in Western Europe turned the economy around, resulting in recent growth of around three percent.
But social security cuts and other slashed public spending also encouraged record emigration to richer European nations such as Britain.
Most analysts say eurozone entry will foster export growth and encourage investment.
“Government, businesses and households will benefit from lower borrowing costs,” said Vaiva Seckute, a senior economist at Swedbank Macro Research.
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Was there in 94 in Thurles Stadium, camping on that racecourse nearby. Great festival, no scangers. Prodigy and Sounds Crowd Orchestra on stage
@Rear Admiral: 76 pathetic little middle class bigots.. and counting!!
I was excited until I got to ‘vegan food stalls’
Jesus wept …
@Dara O’Brien: a chipper that does just chips.
@John D12: ah they’d find some reason to protest against that too
Feile was just some of the best times of my life! Best of luck to them.
Prosecco bars and vegan food stalls, while sitting down and listening to some orchestral mishmash of brewing up a storm… how can in even be called Féile?
Incidentally their next project is to produce a movie about 3 estranged sisters who make amends during a cross country road trip to attend a great aunts funeral in Nebraska… and call it Jurassic Park 5
@Stephen Boland: Quality comment!
Transvision Vamp in ’91, Wendy James
Happy days
Feile was not the first multi day music festival in Ireland
@Mark Johnson: what?
@Naoimh Ó Murchadha: Lisdoonvarna and Macroom?
Castlebar…..”Occasion at the castle” weekend rock festival. Early 1980s.
Back in the days u could build a fire in the campsite and the after concert rave in the stands
Ah Jesus, brings back memories, some poor b&&&ard was always pushed over when in the portaloo.
Any yokes?
Geez sounds brilliant!!!
Great
Thurles music heads tried to revive Feile a few years ago too…..
@Mark Johnson: your comments are making no sense mark. What are you talking about?
@Naoimh Ó Murchadha: pretty clear to everyone else…
Adding in the word classical is a great way of dissuading “people referred to as scangers” like the way classical music has been successfully used in subway stations to reduce loitering and crime.
Could be great, but flip-side is this (coupled with nostalgic acts) is going attract more “people referred to as ..ahem.. boring”.
@Jazz Buckler: Dinosaur Dads in Reni hats boring everyone about “the good aul days” and when music wasn’t Shite before slipping off hometown catch an episode of Catastrophe
No offence Tom but you lads are the rest of the bands mentioned had their day. What an awful line-up
Before my time but from all accounts although it may have been a Mecca for Irish bands it was an absolute hell on earth for Irish music fans. A badly organised gathering full of drunken louts with very little by way of proper facilities on the ground.
Anyway, this is the new smooth corporate hipster version by all accounts.
@Gene Dexter: nah, it was brilliant! You weren’t there, you wouldn’t understand.
@Gene Dexter: u can’t help yourself can you, don’t know who u were talking to but feile was great craic
@Gene Dexter: Ridiculous comments on every article. Quite a sad little life you must have, by all accounts.
@Gene Dexter: if anyone wants to know the definition of a “snowflake” they only have to look at your comment. You’re actually complaining about an event you were too young to attend. Despite that I speak for all of us that were there and just want to thank you for taking offence on our behalf.
Can I bring my granny?
Féile mo thoín. Bring back the old line up maybe.
Feile ’93. Had my first experience there in a tent with my best buddy (first love) while his cousin slept beside us.
A few dates wouldn’t have gone astray…
The rave on the stand beside the horse parade pumped with tunes from a ghetoblaster. Followed in the morning with a visit to the Hare Krishna tent to get a wholesome breakfast of beans and rice. Simple delights
The rave on the stand beside the horse parade pumped with tunes from a ghetoblaster. Followed by a visit to the hare krishna tent for a breakfast of beans and rice. Happy days
Rave in the stand beside the horse parade pumped by tunes from a ghetoblaster. Followed by a trip to the hare Krishna tent for a breakfast of beans and rice. Happy days
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