Cypriot president: Eurozone entry vital
The president of Cyprus has hailed the country's entry into the Eurozone as a major milestone in its development.
Tassos Papadopoulos claimed that the adoption of the euro, which will take place on January 1st 2008, is "very significant" and an endorsement of the island's sound economy.
The official commented in the lead up to a European Union summit taking place in Brussels, at which he will be in attendance.
Furthermore, Mr Papadopoulos predicted that the inception of the currency will be good news for residents.
"This is an important landmark for Cyprus and I believe that once we adopt the euro, prices will be rounded downwards as opposed to upwards," he remarked.
Cyprus' entry into the Eurozone was approved by the European parliament's economic and monetary affairs committee, but only applies to the Greek part of the island, without including those areas still occupied by Turkey.
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