This is a scaled claim that will pay 10 for every country participating in the Euro system at the end of March 31, 2009 in excess of 12. If on March 31, 2009, there are 12 or fewer countries in the Euro, the claim will pay 0. If there are 22 or more, the claim will pay 100
For example, if 8 countries join the euro but 2 drop out, giving a total of 18 on March 31, 2009 this claim will be worth 60.
To be counted, a country must:
1) be a member of the European Union
2) have the Euro as legal tender
3) have issued Euro denominated coins similar to those in the 12 countries participating in the Euro as of the date of this claim
For example, countries such as Andorra, Vatican, San Marino, or Monaco would not qualify as of the creation date of this claim as they are not members of the European Union, even though they use the Euro as their currency.
New countries participating in the Euro system could come from:
1) the existing 3 European Union members that are not participants in the Euro as of the claim creation date
2) new countries joining the European Union after the claim creation date
3) those parts of any country participating in the Euro which splits into two or more countries, as long as that part meets all the above conditions
Slovenia joined the Euro-zone on 1 January 2007.
Cyprus and Malta joined on 1 January 2008.
Slovakia joined on 1 January 2009.