Sunday, May 01, 2005

Sinking ships

According to the International Herald Tribune, one year after joining the EU, Latvia, Cyprus and Malta have been admitted to the "waiting room" for membership in the euro zone and will formally peg their currencies to the euro for a two-year trial period before they can issue euro notes and coins.

They follow Lithuania, Estonia and Slovenia, which entered the so-called ERM II exchange rate mechanism last June. Slovakia plans to follow next year.

Is this the only example in history of rats queuing to join a sinking ship?

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