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Cyprus applies to join the euro
The Cypriot government applied to join the euro last week; if successful this move would deliver a significant boost to the Cypriot economy and good news to property investors...
On 15th February, Cyprus applied to join the euro. Cyprus' finance minister Michalis Sarris told Reuters: "In response to the application, we expect that the EU and the European Central Bank will evaluate Cyprus in March and April as regards its readiness to join the eurozone," according to reports in the Cyprus Mail.
Mr Sarris added that in order to be successful in its bid for euro membership, Cyprus must show "the same zeal, determination and effectiveness" in attaining EU standards as it had demonstrated over the last two years.
Spokeswoman Amelia Torres said that the European Commission will compile detailed reports on a number of key economic indicators and will announce the results of these towards the middle of May, Assetz reports.
An economy that's going places
Cyprus joined the EU along with nine other countries in 2004. After two years, the Cypriot government now believes it has met the eurozone's strict economic entry conditions and that the time is right to apply for membership. If successful, the Mediterranean nation will become the 14th of the EU's 27 nations to adopt the European single currency.
The Cypriot government is in bullish mood about its economy. By the end of 2007, it's forecasting a budget deficit of just 1.6 per cent, a reduced public debt of 60.5 per cent and it expects that inflation will be under two per cent. These impressive statistic reflect an economy in fine fettle.
This economic muscle combined with higher returns on investment has convinced many property investors to prefer Cyprus over Greece, Assetz claims.
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