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14/02/07 -
Cyprus Applies to Join the Euro |
Cyprus has formally applied to join the single European
currency.
The European Commission and European Central Bank will rule on whether it meets the rules for euro entry in May.
EU leaders should decide whether Cyprus can adopt the euro the following month and if they give their approval, it
will then do so in January 2008.
EU economists last month praised Cyprus' efforts to reduce government debt but advised it to do more about pension
and healthcare reform.
Meeting standards
Nicosia says that it meets standards for adopting the euro because its inflation level, which was 2.2% in 2006, is
close to the euro average.
Cyprus joined the EU in May 2004, a month after Greek Cypriots rejected a United Nations reunification plan.
EU laws and benefits apply only to the Greek Cypriot community.
Last year Turkey's EU entry plans were partially frozen, following its refusal to open its ports to Cyprus.
Slovenia became the 13th country to adopt the single currency at the start of the year while Malta, which has
already applied, hopes to be admitted at the same time as Cyprus.
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