Lithuania becomes 19th member of Eurozone

[Rugevit]

Not quite, were you a longstanding Apricity member you'd see more often my posts in threads pertaining to the Baltic states, it's something of an interest of mine, although I admit so far it has been more in the linguistic sphere.


You are obviously free to infer I'm a clueless person, that is your own prerogative.

You may have interests in topics related to the Baltic states but that does not change the fact you had little knowledge on historic monetary system of Lithuania. Who the heck would refer to zloty as historic currency of Lithuania, despite it was used in PLC? There was no need to be aggressive either.

Sure thing. Always remember I'm willing to do googling in your stead if you don't feel like it.

Google will save you from embarrassing moments.

[Empecinado]

Enjoy. With the euro, prices rise at a much higher rate than wages, and the result is a loss of purchasing power.:

[Kamal900]

I bet the Scandinavians are laughing their asses off about this, and good for them in not joining the Euro zone.

[Porpolita]

Lithuania is now using Monopoly money? Remember to take 200 when you pass "go"

[KawaiiKawaii]

Lithuania is now using Monopoly money? Remember to take 200 when you pass "go"

It's sad that the case prison is not used anymore. All the politicians surely belong there.

[Raven_]

Enjoy. With the euro, prices rise at a much higher rate than wages, and the result is a loss of purchasing power.:

Prices have risen mainly because sellers prefer to round up values in their own favor. Sharpness of prices' rise varied from country to country and can not be written off solely to introduction of euro as there were other economical-financial circumstances.

"Experience in other countries indicates that, as a result of the changeover, prices increased by no more than 0.2-0.3%. In none of the five new EU member states where the euro has been introduced any significant increase in prices has taken place."
http://www.eiro.lv/en/media/frequent...fter-changover

[Willem]

I bet the Scandinavians are laughing their asses off about this, and good for them in not joining the Euro zone.

Their currencies are either officially pegged or de facto pegged by the forex market.

Even the British pound more or less tracks the euro in forex.

[KawaiiKawaii]

Their currencies are either officially pegged or de facto pegged by the forex market.

Even the British pound more or less tracks the euro in forex.

Even our Frank is somewhat pegged to the Euro. The BNS decided that it cannot go lower than 1.2 CHF for 1 €.

[Willem]

Even our Frank is somewhat pegged to the Euro. The BNS decided that it cannot go lower than 1.2 CHF for 1 €.

The Swiss Franc was behaving fairly independent (unlike GBP and Scando currencies) until 2011-2012 when they decided to peg it to the euro because it was becoming too deflationary.

[Raven_]

As I understand Lithuanian currency Litas was first introduced in the 1920s, which is not historic Lithuanian currency from the Grand Duchy of Lithuania era. I was curious why Lithuania would invent a new name seeing the country adhering to some symbols and traditions of the GDL.

After WW1 Lithuanian government intended to use ostmarks (which Germans introduced during occupation) as their country's currency. It was named auksinas which means the same as zloty (golden). Auksinas was devalued because extreme inflation in Germany had a very negative impact on Lithuanian economy as ostmarks were pegged to German mark (in ratio 1:1).