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Euro in Cyprus?

Benefits and problems from the EU membership.

Do you want the adoption of Euro in Cyprus?

YES
15
56%
NO
9
33%
I don't care
3
11%
 
Total votes : 27

Postby cypezokyli » Sat Dec 24, 2005 2:48 pm

i also like counting in seliinia. its more practically rounded :)
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Postby Sotos » Sun Dec 25, 2005 12:23 am

Supposedly cents is more rounded because they are 100 in a pound. Like Kilometers are more rounded than miles etc. I think we just got used to sellinia. It sounds more Cypriot also. Cent sounds very foreign!
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Postby cypezokyli » Mon Dec 26, 2005 2:01 am

i remember my grandpas old store. even though cents were around, if it was 43cents he would say 9 selinia, and if it was 42 he would say 8. thats what i meant by rounding. :wink:
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AKEL says it wants euro delay

Postby Sotos » Wed Jan 11, 2006 2:43 pm

AKEL yesterday officially called for the postponement of euro adoption for a year, until 2009, saying no damage would result to the economy.
Speaking after a meeting with Finance Minister Michalis Sarris and Central Bank Governor Christodoulos Christodoulou, AKEL general-secretary Demtris Christofias said: "I think the public will probably welcome admission a year later."

Cyprus is set to join the eurozone on January 1, 2008 and all of the government’s fiscal policies are being geared to this end. It has pulled out all the stops on fiscal reform in order to meet the eurozone targets.

In fact, economists and some political parties believe even the 2008 date is late, and are totally opposed to postponing the introduction of the euro for another year. They said it would be damaging to the economy and to the country’s reputation within the EU.

However, Christofias rejects this notion.

“We will not suffer any damage,” he said. “On the contrary, it will be welcomed.”

He said that during yesterday’s meeting he had explained to Sarris and Christodoulou the reasons why AKEL felt a postponement was in order, and the two officials had told him why it was necessary to go ahead in January 2008.

Asked if they had agreed to disagree, Christofias said: “Of course.”

AKEL supports a postponement because it says this would give the state time and opportunity to implement measures that could prevent adverse effects on the quality of life of the people and on their pockets.

Christofias said this could all be done in a responsible manner that would not affect the budget deficit.

He said it was the party’s conviction that with the healthy state of the economy today as a result of EU membership, it was possible to develop a wider social policy for those that need it.

“We want the results of an economy that is not simply welcomed by the outside, but also internally, where the fruits of these results are felt more,” Chriatofias said.

He added it was very important that the Cypriot citizen had by his hard work created the conditions to achieve an income level that stands at 84 per cent of the EU average.

Sarris said he had told Christofias that, building on development successes and budgetary policy, the government could, without additional requirements or sacrifices, enter the eurozone without any problems in 2008.

“We have viewed with objectivity the benefits but also the challenges, which we are ready to face,” he said. “No conflict exists between a correct budgetary policy and a generous social policy, which we believe we have followed and will strengthen in the future.”

Christodoulou said he agreed entirely with the Finance Minister’s position that there is no need to postpone eurozone entry.

“We have to be very, very careful with any talk of postponement,” he said.

Government Spokesman Kypros Chrysostomides said yesterday that Cyprus had moved from 21st to 16th place in terms of economic strength on the Heritage Foundation and the Wall Street Journal’s latest list.

He said the budget deficit had been limited to under three per cent, inflation to 2.5 per cent and unemployment to around four per cent.

“It is particularly impressive that Cyprus has been placed 16th with regard to the economy out of 161 countries,” he said. “From 21st place we have moved to 16th, and all this has been done without the imposition of new taxations or detracting from the social policy.”
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Cyprus to have dual pricing for 6 months before euro

Postby Sotos » Mon Jan 16, 2006 12:55 pm

Government prepares business and public


The Cyprus government is gearing up the public for the introduction of the euro, with two announcements made by different bodies last week.

The Ministry of Commerce, Industry and Tourism announced on Friday the creation of a committee to prepare business and consumers for the adoption of the euro, due in January 2008.

The committee has been established with the participation of representatives from the Finance Ministry, the Central Bank of Cyprus, the Commercial Banks, employers’ representatives, trade unions, the Consumers’ Association and other organisations.

As well as guiding companies and consumers in preparing for the euro, they will also have a role in checking for unjustifiable price hikes.

The Ministry of Finance and the Central Bank of Cyprus will introduce a code of conduct for the adoption of the euro.

The Ministry of Commerce has already committed to prepare manuals and guides for the business sector, consumers and retail trade by January 31, 2006.


Dual pricing for 6 months


After initially thinking about dual pricing in Cyprus pounds and euros for only one or two months, the government has gone for caution and will have dual pricing for 6 months

and the simultaneous circulation of both currencies for one month.

Finance Minister Michalis Sarris, faced with scepticism from the largest coalition partner AKEL, which wants to delay the adoption of the euro, was at pains to point out the advantages.

He said that the introduction of the new currency would bring about lower interest rates, which would have a positive impact on household finances, housing costs and student loans.

The euro would also create better borrowing conditions in both the public and private sector.

Sarris added stated that the reduction of the exchange risk will be beneficial for small enterprises, the tourist industry and the investment activity.

“The state will be able to borrow with lower cost and will, therefore, have the opportunity to make huge development projects”, he added.
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Postby Agios Amvrosios » Thu Jan 19, 2006 5:33 am

My Grandfather calls Aussie $2 coins "enan Chifte"
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Majority of Cypriots want to postpone adoption of euro

Postby Sotos » Mon Jan 23, 2006 12:43 am

The government of the eastern Mediterranean island of Cyprus had decided last November to make January 1, 2008 the target date for the introduction of the euro on the island.

However, a recent poll has shown that six out of ten Cypriots want the euro date set back, because they fear that it will lead to higher prices.

Fifty-nine per cent of respondents who took part in a poll carried out by the Research Centre of Cyprus College said that they wanted the adoption of the euro postponed beyond the target date of 2008.

Asked when Cyprus should adopt the euro, 26 per cent said that the earliest possible (that is on the target date of January 1, 2008), 59 per cent said that later and 15 per cent said they did not know/would not reply.

Pambos Papageorgiou, head of the Research Centre, explaining the results of the poll, has said that respondents' concerns have been identified in two related sectors- fear of profiteering when prices are converted from Cyprus pounds into euros and an increase in prices, which would result from overcharging when the euro is introduced.

Responding to these concerns, the Governor of the Central Bank Christodoulos Christodoulou said that in his opinion it was necessary to retain the date.

"Postponement does not reduce fear, it simply delays dealing with it. The benefits of adopting the euro- including lower interest rates and a stable currency- clearly outweigh any possible disadvantages," he said.

The poll showed that all population groups (68 per cent) showed a keen interest in the euro. Among higher income groups and holders of university degrees, interest exceeded 90 per cent. However, the majority 55 per cent said that they were not so well informed, with the problem particularly acute among older people, the less educated and manual workers. The well-educated and professional groups were the best informed.
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Postby Maria28 » Wed Jan 25, 2006 2:31 pm

I don't know what to answer in this poll. I am not sure if I want Euro in Cyprus or not.

I believe many Cypriots would accept anything "Euro" just because of its name. But shouldn't they inform the people of the benefits and disadvantages of changing our currency?
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Postby VEX8 » Wed Jan 25, 2006 3:02 pm

Can someone explain to me in plain English how the Euro works. Will the cost or value of an item remain the same, just the way you pay for it changes? If this is the case then fine so long as the individual countries retain the ability to set the exchange rate or will the value of a Euro be standardised for all member countries? I know that seeing as i live in England and we do have the Euro as a dual currency i should know more about it but i get paid in ₤ 's and i spend ₤'s so it hasn't effected me personally yet. Like i said, plain English for the hard of understanding please.
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Postby It » Thu Jan 26, 2006 6:57 am

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