The tiny Mediterranean islands of Cyprus and Malta began the final countdown on Monday to bid farewell to their national currencies ahead of their entry to the eurozone on January 1. Cyprus pounds and Maltese lira will be replaced by euro notes and coins from midnight on December 31 as the number of countries using the single European currency rises to 15.
Shops, banks and businesses on the islands - which together have populations of just about 1.4 million - have been gearing up for the euro for several months amid consumer concerns it will lead to rising prices. Malta is planning a fireworks display in the port of Valetta to mark the switchover, while Cyprus is planning celebrations at its finance ministry. The European Commission set the two on the path in May by ruling they had met the strict macroeconomic criteria needed to become members of the eurozone.
According to the official exchange rate, one euro is worth 0.585274 Cyprus pounds and 0.4293 Maltese lira. In Cyprus, stars such as tennis ace Marcos Bagdhatis were recruited to front a marketing blitz and Cyprus President Tassos Papadopoulos even said the new currency would help efforts to reunite the country, divided since the 1974 Turkish invasion.