Debt crisis scares Czechs away from adopting euro

AP News
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Posted: Dec 15, 2011 6:36 AM
Debt crisis scares Czechs away from adopting euro

Czech financial officials say they do not recommend setting a date for the country to adopt the troubled euro currency because of potential costs associated with the debt crisis.

The finance ministry and central bank say the Czech Republic would face extra costs if it were to join the euro because it would have to contribute to the eurozone's bailout fund

In a joint statement released Thursday, the two institutions also said the country still has not met necessary financial criteria, including a low deficit, to join the euro.

The Czechs say it will be "vital" to monitor how the eurozone deals with its financial problems.

All non-euro countries in the EU, except Britain and Denmark, are officially committed to join the euro, though in practice they can defer that decision indefinitely."