Latvia set to get green light for 2014 euro accession

The European Commission is set to give itsblessing this week for Latvia to introduce the euro in 2014,diplomats said Tuesday. Latvia hopes to exchange its lats for euros on January 1, despitethe enduring debt crisis that has gripped the eurozone. The Baltic country had requested in March that the commission andthe European Central Bank rule on whether it can join the eurozone. The two institutions are due to present their reports on Wednesday. European Union member states will then have to approve the accession. Latvia would become the 18th member of the eurozone and its secondBaltic nation. All EU countries except for Britain and Denmark aremandated to join the eurozone once they fulfill its criteria. Latvia had faced massive economic problems in 2008, after its realestate bubble burst amid the global financial crisis - leading to a7.5-billion-euro (9.8-billion-dollar) bailout by the EU and theInternational Monetary Fund. But the country now boasts the EU's highest growth rate, followingan austerity-spurred recovery.