Euro adopted by Cyprus and Malta
EU newcomers Cyprus and Malta adopted the euro Tuesday, bringing to fifteen the number of countries using the currency with increasing clout over the slumping U.S. dollar.The Mediterranean islands, both former British colonies, scrapped the Cyprus pound and Maltese lira at midnight local time.
Maltese Prime Minister Lawrence Gonzi had to wait a little before getting his hands on the new currency. An automated teller machine did not work when Gonzi tried to withdraw euros, and he was obliged to use a different ATM.
“We are the smallest member state of the European Union, but we are proud,” he said. Read more from CNN Money.