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PM says euro will be adopted in 2009 as planned

THE NEW Slovak government plans to retain 2009 as the year for Slovakia's entry to the euro zone said PM Robert Fico after meeting with Finance Minister Ján Pociatek and central bank (NBS) governor Ivan Šramko.

In an attempt to calm the markets, Fico also said that his government has a great interest in complying with all Maastricht criteria and with keeping the public finance deficit within the boundry of 3 percent of GDP, adding that he was aware of the importance of fiscal stability.

The NBS has intervened in favor of the currency three times since the June 17 general elections and has spent €2.5 billion to €3 billion to support the crown. The Slovak currency has weakened by 1.6 percent in relation to the euro, its referential tender, since the elections Pravda wrote.

Analysts expect the NBS to increase interest rates to 4.5 percent at the end of July. This would be the third time this year that the key rates have been increased.

Compiled by Martina Jurinová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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