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Estonia Adopts the Euro

Head uut aastat! That’s how to wish a happy new year in Estonia, where citizens ring in a new currency along with a new decade. Today, the tiny country becomes No. 17 to join the euro zone — and, more notably, the first former Soviet republic to make it in. (Just shy of 20 years ago, Estonians were celebrating the switch from rubles to krooni.) But adopting the euro is unlikely to pay off immediately after a storm of sovereign debt problems, the zone is still walking on economic sea legs. Which leaves this irony: If you’re a country with the kind of strong balance sheet that’s enviable enough to get you into this club, then you might be better off staying out. But who ever said prestige didn’t come with a price? — Lillian Cunningham

Sat, January 01

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Estonia Adopts the Euro

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