Cyprus News Agency: News in English, 07-02-12

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From: The Cyprus News Agency at <http://www.cyna.org.cy>

CONTENTS

[01] FINANCE MINISTER - EMU - APPLICATION

[01] FINANCE MINISTER - EMU - APPLICATION

The formal application letter will be sent within the next days to the Commissioner for Economic and Monetary Affairs and the Governor of the European System of Central Banks, Sarris told the press.

The Minister added that the application would be followed by an assessment of the island`s economy by the EU institutions, in March and April.

We fully meet the criteria for accession to the eurozone, Sarris said.

Furthermore, Sarris stressed the need to maintain the high growth rates of the Cypriot economy.

He said that it is important that the House of Representatives ratifies this March the legislation regarding the legal convergence of Cyprus with the eurozone, ``which is necessary for the assesement of the Cypriot economy``.

``Our government strongly believes that Cyprus` accession to the eurozone is as much important, maybe even more important than our accession to the EU, the Minster added.

He called upon the media to contribute to the efforts to inform the public on the new currency and to minimize doubts regarding the adoption of the single European currency.

On his part, Governor of the Central Bank Christodoulos Christodoulou reassured that Cyprus fulfills the Maastricht criteria for accession to the eurozone.

If we are cautious and prudent, we will be able to enter the eurozone with ease, Christodoulou said.

According to the economic prospects for 2007, the actual rate of growth of the Gross Domestic Product (GDP) is expected to range between 3,7-3,8%, inflation is set to slow down, public deficit is anticipated to be about 1,6% of the GDP, provided that the purification of public finances continues steadily and public debt is set to drop to 60,5% of the GDP in 2007.

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