Lithuanian litas
As part of the economic transition to capitalism, Lithuania organized a privatization campaign to sell government-owned residential real estate and commercial enterprises. The government issued investment vouchers to be used in privatization instead of actual currency. People cooperated in groups to collect larger amounts of vouchers for the public auctions and the privatization campaign. Lithuania, unlike Russia, did not create a small group of very wealthy and powerful people. The privatization started with small organizations, and large enterprises (such as telecommunication companies or airlines) were sold several years later for hard currency in a bid to attract foreign investors. Lithuania's monetary system was to be based on the Lithuanian litas, the currency used during the interwar period. Due to high inflation and other delays, a temporary currency, the Lithuanian talonas, was introduced (it was commonly referred to as the "Vagnorėlis" or "Vagnorkė" after Prime Minister Gediminas Vagnorius). Eventually the litas was issued in June 1993, and the decision was made to set it up with a fixed exchange rate to the United States dollar in 1994 and to the Euro in 2002.