The EU summit in Portugal on Monday and Tuesday will admit Greece the euro zone, when EU leaders endorse a recommendation by the Commission making Greece the 12th member county of the euro zone on January 1st, 2001.
The decision in Feira will set a seal of approval on Greece's "admirable" economic efforts over the past two years, according to the president of the European Central Bank, Mr Wim Duisen berg. Greece was excluded from the first candidates for euro membership in 1998, because of its economic performances.
According to the European statistical office Eurostat, Greek inflation is now down to 2 per cent and public debt in 1999 was only 1.98 per cent of GNP. The Prime Minister, Mr Costas Simitis, is claiming the credit for this economic performance. In spite of belt-tightening, growth has returned, attaining 3 per cent a year since 1997, the highest in the EU. However, unemployment remains high at between 10.5 and 11.7 per cent.