Czech finance minister says euro may not be adopted in 2012 without reforms

The Czech Finance Minister Miroslav Kalousek has warned the country would be unable to adopt single European currency in 2010 without undertaking far-reaching reforms of the health insurance and pension systems. Mr Kalousek said on Thursday that the country's public deficit is expected to drop this year to 3.6 percent of GDP and it should reach below 3 percent in 2008. The country won't be able to maintain its public deficit under this level without the reforms, which is one of the criteria for euro adoption, the finance minister added.