Turkey Launches New Currency
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Turkey launched a new currency Saturday by dropping six zeros from the old one, in a sign of progress in its decades-long struggle with inflation. But getting rid of old habits in a country where even a loaf of bread costs hundreds of thousands isn't likely to be easy.
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"But I'm saying: look at what's going on"  The dollar hit a new low against the seemingly unstoppable euro Friday as the 13-nation currency broke through $1.41. The euro's ascension renewed calls from French President Nicolas Sarkozy for the European Central Bank to follow the Federal Reserve and cut interest rates, which would help keep French exports competitive.Despite the worries of some exporters _ European aircraft maker Airbus said if the euro keeps rising it may have to seek new cost savings _ ECB President Jean-Claude Trichet and German Chancellor Angela Merkel stood firm that the ECB must remain independent. Read more
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Turkey has launched fresh air strikes across the border into northern Iraq against Kurdish rebels, the army says.
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Chicago Tribune - Thanking the woman behind the currency exchange window, Deniz Akar crouched in front of his son and showed him the crisp new bills and shiny coins. It wasn't candy or a new toy, but the 3-year-old smiled happily.
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TURKEYâS parliament met in emergency session yesterday to approve an urgent package of reforms expected to boost the countryâs chances of starting membership talks with the European Union.
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Four senators said they expected  Congress to quickly and overwhelmingly approved bill they  introduced on Wednesday giving the U.S. Treasury Department new  tools to press China to more quickly raise the value of its  currency.
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EU newcomers Cyprus and Malta adopted the euro Tuesday, bringing to fifteen the number of countries using the currency with increasing clout over the slumping U.S. dollar.
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The government evidently has decided to permit the currency to appreciate much faster than before.
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"Although the pound has been a loyal and faithful servant of the Cyprus economy, we felt that things could happen that could destabilize a small open economy, so it was to your benefit to join the euro zone as soon as possible."  EU newcomers Cyprus and Malta adopted the euro Tuesday, bringing to fifteen the number of countries using the currency with increasing clout over the slumping U.S. dollar.The Mediterranean islands, both former British colonies, scrapped the Cyprus pound and Maltese lira at midnight.Maltese Prime Minister Lawrence Gonzi had to waited a little before getting his hands on the new currency. An automated teller machine did not work when Gonzi tried to withdraw euros, and he was obliged to use a different ATM. Read more
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A green light to Turkey to begin EU membership talks receives a cool reception from Europe's press on Thursday. While in Russia, fare-dodgers are in for a surprise.
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A final revamping of the old-style U.S. currency precedes the debut of the "big face" bills, designed to thwart counterfeiting.
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China made its debut last night in the club of the world's leading economic powers, as international pressure mounts to change a decade-old currency peg that critics accuse of giving Chinese products an unfair competitive edge.
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China will allow domestic-currency bank cards to be used outside the country for the first time, the central bank said Wednesday, the latest easing of capital controls as the government prepares for a more flexible currency.
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Wiped from the face of the currency The European Commission has admitted the new euro coin - designed to sport a revised map showing the expanded happy band of brothers - is "not exactly the one the commission has proposed" after the powers that be decided to omit Turkey from the monetary celebration of the EU.â¦
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PARIS: Turkey, recovering from a major recession, must use its exceptionally strong growth to manage its public debt burden and rein in a widening current account deficit, the
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Turkey's stock market closes at a record high on hopes the EU will soon invite Ankara to start entry talks.
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Turkey&#39;s EU membership will open newhorizons for both Turkey and the European Union and bring forth newchallenges, visiting new EU commissioner Olli Rehn said on Wednesday.