Cyprus and the Euro
 | Cyprus and the Euro |  |
 Posted: Tue May 03, 2005 9:27 am |
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| magikthrill |
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| Joined: 08 Sep 2004 |
| Posts: 2245 |
| Location: Athens, Greece |
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So I've been reading that Cyprus will be most likely adopting the Euro in 2007.
How do you guys think this will affect the economy? I know in Greece EVERYTHING was rounded UP but since the CYP is stronger do you think there will be a difference? |
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| Posted: Tue May 03, 2005 10:23 am |
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| sk |
| instructor |
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| Joined: 05 Feb 2005 |
| Posts: 480 |
| Location: nicosia for the moment |
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in greece it was a problem bc drahmas were "thousands" and it was easy to fool people. in cyprus the pound will not have that problem,it will be easy to calculate the exact amount of euros.actually they will most probably put the prices in both currencies from next year(i year before joining)after the recommendations of the greek ministry of finance to avoid this problem with the sudden change........it will be quite interesting actually to see what ideas the "designers" will have when they will announce the competition for the design of the euro coins!!!!
anyway, i have my doubts if they will make it to fix the economy by 2007.....if they do ,well we are more europeans than we think!!! |
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| Posted: Tue May 03, 2005 10:39 am |
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| magikthrill |
| lecturer |
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| Joined: 08 Sep 2004 |
| Posts: 2245 |
| Location: Athens, Greece |
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hehehe
hey if Greece joined than I think Cyprus can join! of course we had to cheat our way through but oh well 
I think TCs should also apply to design the coins. Technically, the coins are supposed to represent both cultures. |
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| Posted: Tue May 03, 2005 10:56 am |
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| sk |
| instructor |
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| Joined: 05 Feb 2005 |
| Posts: 480 |
| Location: nicosia for the moment |
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i think the coins will the pictures of different areas of the island or monuments, they will not risk to put historic features, so anyone from any country can apply. but if its going to cost them a lot of money(the goverment)most probably they will decide themselves the design.........
what greece did with the euro,u know the cheating, well....hehe...i felt very proud about it!!!its not every country that can fool so many other countries so professionally!!!!excellent actors semites and his gang!!!!i would have given them the oscar!! |
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| Posted: Tue May 03, 2005 12:18 pm |
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| devil |
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| Joined: 08 Nov 2004 |
| Posts: 1535 |
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The shops will apply the following equation to calculate the prices at the time of change:
E = L x r x 1.25
where
E is the price in euros
L is the price in Cyprus pounds
r is the official rate of exchange
Guess who will benefit? Not the consumer, anyway.  |
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| Posted: Tue May 03, 2005 1:19 pm |
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| magikthrill |
| lecturer |
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| Joined: 08 Sep 2004 |
| Posts: 2245 |
| Location: Athens, Greece |
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| devil wrote: |
The shops will apply the following equation to calculate the prices at the time of change:
E = L x r x 1.25
where
E is the price in euros
L is the price in Cyprus pounds
r is the official rate of exchange
Guess who will benefit? Not the consumer, anyway. |
Want numerically larger prices though provide a setback to the consumer without the 1.25 factor? I mean how much do cigarettes cost in Cyprus? 3 CYP? That's already 5.6 Euro without the factor?
I think the only case that could be compared to is Ireland since I believe the Irish pound was the only currency stronger than the Euro to join the Euro-zone. Cyprus will be the second.
Also, is it true that Cyprus has the strongest currency in the world? |
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| Posted: Tue May 03, 2005 1:41 pm |
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| garbitsch |
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| Joined: 09 Mar 2005 |
| Posts: 1158 |
| Location: UK, but originally from Cyprus |
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| I think the term "strongest currency" is misused here Magik. Cyprus pound is one of the most valued currencies in the World. As far as I know, Kuwaitian dinars are more valued and Maltese Lira is almost the same with Cyp. pound. |
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| Posted: Tue May 03, 2005 1:43 pm |
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| brother |
| professor |
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| Joined: 27 Sep 2004 |
| Posts: 4711 |
| Location: Cyprus/U.K |
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Cool i did not know that about maltese lira....  |
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| Posted: Tue May 03, 2005 1:44 pm |
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| garbitsch |
| lecturer |
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| Joined: 09 Mar 2005 |
| Posts: 1158 |
| Location: UK, but originally from Cyprus |
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| Posted: Tue May 03, 2005 1:53 pm |
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| garbitsch |
| lecturer |
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| Joined: 09 Mar 2005 |
| Posts: 1158 |
| Location: UK, but originally from Cyprus |
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| BTW Cyprus pound became part of ERM today. The exchange rate to euro has been fixed. |
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