Magazine article Newsweek International

In a State of EU-Phoria : It's a Greek Word, after All. Euroland's Next Member Is Thrilled at the Thought of Belonging

Magazine article Newsweek International

In a State of EU-Phoria : It's a Greek Word, after All. Euroland's Next Member Is Thrilled at the Thought of Belonging

Article excerpt

The classrooms at Stratigakis, five miles outside the center of Athens, are like a second home to 12-year-old Ioanna Klosteridi. After a full day at junior high, she, like tens of thousands of other students throughout Greece, spends her evenings at a tutoring center poring over extra assignments. Ioanna is learning English and French and feels the commitment is well worth it. "You can't find a job anywhere without a second language,'' she says.

Like Ioanna, Greece has entered a time of confidence and ambition as it moves toward its own goal: membership in the European currency union. The country has already bounced back from its humiliating rejection last year at the hands of the European Commission, when it asked for membership in EMU--and was rejected. Now, Greece meets most of EMU's five convergence criteria, something that seemed virtually unthinkable just two years ago. All indications are that Greece will be accepted into the club next March. Coming in January 2001: the Euroouzo.

That will mark quite a change. For decades Greece has been an awkward member of the EU, balking at many initiatives in both economic and foreign policy. But its position as the gateway to the recovering Balkans, plus the upcoming 2004 Olympic Games, have boosted foreign investment. After a long absence, even Americans are wading back in. "[It's] a market with great potential,'' says U.S. Ambassador Nicholas Burns. Already, the Hyatt Regency and Intercontinental hotel chains are planning to build new hotels in Athens and Thessaloniki to meet yet another promised tourism boom in Greece. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.