C$ - The Peso of the North? Message Board

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Pastimes : C$ - The Peso of the North?

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To: Kitskid who wrote (149)	3/23/1999 1:20:00 AM
From: Kitskid	Read Replies (1) of 177

A different country and a different currency and an interesting article. <snip> nationalpost.com - Monday, March 22, 1999 - The latest euro nation: Cuba - Hugo Gurdon The Daily Telegraph - First the good news for euroland: - A twelfth country has decided to adopt Europe's new single currency. The bad news? It's Cuba. Fidel Castro's tropical gulag will start using the euro on July 1, seeing it -- as do several Brussels apparatchiks -- as a counterweight to the much-resented, almighty American dollar. The U.S. dollar became legal tender in Cuba six years ago to boost tourism and the wider economy. But Mr. Castro has always resented his dependence on the enemy currency, not least because Washington has tried to undermine him with a trade embargo since he seized power in 1959. Now Mr. Castro sees the euro as his salvation. From July, it will be used in trade with the 11 countries of euroland. In three years, when euro coins and notes are used for everyday retail transactions in Europe, the currency will also start being used in Cuba, according to officials in Mr. Castro's regime. Cuban-Americans send huge amounts of dollars to families and friends on the island, so the American currency is unlikely to be wholly displaced by the euro. But Havana sees euro-based trade as a way of avoiding some of the millions of dollars of fees it has to pay each year to banks to convert dollars and get round the American embargo. Mr. Castro is pleased not just by the prospect of relieving his humiliating dependence on the Yankee currency, but also by the idea that a new ''hard'' currency may challenge the dollar globally. Copyright © Southam Inc. All rights reserved. Optimized for browser versions 3.0 and higher. "National Post Online is a production of Southam Inc., Canada's largest publisher of daily newspapers."

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