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Greece Ripe for Euro Club

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ATHENS, Greece (8 May 2000)–According to European Commissioner Solbes, Greece can easily become a member of the European Monetary Union (EMU) next year. The European Commission still has to recommend whether Greece, for many years considered “the sick man in Europe,” meets the EMU’s requirements. A definitive decision will be made over Greece’s future in […]

ATHENS, Greece (8 May 2000)–According to European Commissioner Solbes, Greece can easily become a member of the European Monetary Union (EMU) next year. The European Commission still has to recommend whether Greece, for many years considered “the sick man in Europe,” meets the EMU’s requirements. A definitive decision will be made over Greece’s future in the euro club this June.
Greece’s economic situation has improved tremendously over the last five years. The country’s budget deficit dropped from 10.2% in 1995 to 1.6% last year, and the Commission expects it to drop even further in 2001 to 1.3%. Greece also meets the EMU’s requirements in terms of inflation, interest and exchange rates. (JW)

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