The prospects for Greece's attempt to join the euro currency (an application is expected in March) have brightened with the revaluation of the drachma at the weekend and yesterday's comments from the central bank that official interest rates are set to fall quickly. EU finance officials agreed to a 3.5 per cent revaluation of the drachma against the euro on Saturday, with a central parity rate of 340.750 drachmas per euro.

Greece was one of four EU countries left out of the original euro zone in January 1999. While the three others - Britain, Norway and Sweden - chose not to join, Greece failed to meet the criteria because of poor economic results. But since missing out at the start, the Greek economy has improved, growing 3.5 per cent in 1999.