Nearly 87 per cent of the small and medium-sized businesses in the Balearics have still not adapted their accountancy systems to the euro, the single currency which will be circulating after January 1, 2002. This was revealed in a survey conducted by the Balearic European Centre, Sa Nostra and the Majorcan Chamber of Commerce, to find out the situation of local businesses. Five hundred firms were consulted in the survey conducted over the last three months of the year, and only 13.2 per cent of them seemed to have prepared the adaptation process. A further 28 per cent had started the process but 58 per cent had done nothing about it. The findings of the survey are now being collated by the Balearic University, and a spokesman said that because of the failure to take steps now, serious problems would arrive later in the year, as offices were swamped with requests for help. Sixty-four per cent of those consulted said that they would seek aid from gestorias, fiscal or financial advisers, nine per cent would go to their bank and just under six per cent would use business associations or official institutions. Nearly half of them see it as a difficult process. The Balearic government is planning awareness campaigns. Businesses will have to adapt their accountancy and administrative systems, machinery, production and amenities to the euro, which will be in circulation from January 2002, while the peseta will disappear in March of that same year. Some sectors, such as small businesses and restaurants will have serious difficulities if they do not take steps now, it was predicted.

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