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Latvia will enter euro zone in 2014

European Commission announced that Latvia will become the 18th member of the euro zone in 2014. Both sides expect to profit from the Latvia's entry: EZ officials hope the news will show the currency block is set to grow despite a three-year debt crisis, while Latvia is keen to reduce its dependency on Russia.

The country will start using the euro at the beginning of 2014 after meeting the criteria for membership, including low inflation and long-term interest rates, as well as low public debt, but that is seen as a formality.

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