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Lithuania must show sustainable public finances to adopt euro: EC
Lithuania must demonstrate its public finances are sustainable in the medium term to win approval to adopt the euro in 2015, Olli Rehn, the European commissioner in charge of economic and monetary affairs, said on Saturday. The Baltic state, which aims to follow Latvia's entry this year, plans to make up for old age and disability pension cuts imposed during 2010-2011 which might require 1-1.2 billion litas ($400-475 million) in additional spending or about 1 percent of its gross domestic product (GDP). There are also calls to raise the minimum wage sharply from the next year to compensate for anticipated increase in ... (full story)
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