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Cyprus News Agency: News in English, 07-05-21

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From: The Cyprus News Agency at <>




    Cyprus will be able to adopt the euro as scheduled in January next year, President Tassos Papadopoulos believes, as he said in his address at the Annual General Meeting of the Employers and Industrialists Federation (OEB), pointing out that prices are set to drop with the introduction of the euro and adding that the country has good prospects to overcome practical difficulties which other states have faced when they adopted the euro.

    The President paid tribute to employers and employees for their contribution to the effort to meet European Union criteria in order to be eligible to join the euro area and told the consumers that they are the most effective guardian of any attempt to quick profit and price hikes.

    Papadopoulos stressed that as soon as Cyprus gets the official green light to adopt the euro from EU finance ministers in early July, a large scale and serious effort will get underway to inform the public at large about the use of the euro and its fallout.

    He reiterated that the social state will not be sacrificed for the sake of the euro, pointing out that economic growth has allowed the country to achieve both goals, maintain social benefits and join the euro area in 2008.

    This years AGM assumes special significance as it meets with the expectation, I believe the certainty, that very soon the decision for the introduction of the euro in Cyprus in January 2008 will be taken, he said.

    He said once this is done a campaign will begin to inform and protect consumers from attempts to raise prices and added the government believes that prices must be rounded up downwards as Cyprus has all the prerequisites to have a 1 per cent or even bigger drop in prices.

    The Cyprus pound, he explained, is stronger than the euro according to Cypriot and European experts and locking the pound to the euro on 10 July should lead to rounding up prices downwards.

    He urged consumers to be vigilant and report any attempts to make a profit using the change of the currency as an excuse to put up the prices.

    The President said Cyprus has managed to achieve two important goals, accession to the euro area and extension of social benefits to those most in need.

    We shall have tangible benefits for the economy when we adopt the euro and OEB has made a significant contribution to this, he said, adding that the government promotes sectors that strengthen new investment.

    In his speech at the AGM OEB President Andreas Pittas described the adoption of the euro and the accession to the EU as a historic political, economic and social success, noting that important socio-economic changes are taking place and local business has shown adaptability and responsibility.

    The European framework offers us safeguards for continuous economic growth, fiscal discipline and political stability, he said and called on everybody to continue working for a favourable climate to maintain a high level of competitiveness.

    On the social security fund, he said all parties concerned must work very hard to address difficulties and implement in good time the necessary policy no matter how painful that may be.

    Minister of Labour and Social Insurance Antonis Vasiliou assured the meeting that the government is taking all necessary measures to secure the viability of the social insurance fund.

    He said OEB has contributed in a constructive manner and has worked with flexibility and inventiveness and urged the federation to continue investing in new technologies, IT, research and human resources.

    The minister said employing workers from other countries is a necessity for Cyprus, which must secure equal treatment and must be controlled.


    The government has announced measures to further improve economic development and cooperation between Greek Cypriots and Turkish Cypriots, something that could boost the local economy and help the reunification of the country.

    The first project, approved by the Cabinet, concerns ways to help set up small ventures between Greek Cypriots and Turkish Cypriots, in specific selected regions, for the period 2007-2013, with grants totaling seven million euros. A ceiling of 200,000 euro has been set for each selected small business.

    The second project provides grants to businesses, in specific selected areas, to upgrade the technology of ventures between the two communities, develop trade and the manufacturing of agricultural products with grants amounting to 27 million euros, for the period of 2007-2013. A ceiling of 500,000 euro has been set for each selected business.

    Finance Minister Michalis Sarris and Director of the Presidents Diplomatic Office Tasos Tzionis announced the measures at a press conference at the Finance Minstry on Monday and expressed hope that Turkish Cypriots will respond and benefit from these measures.

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