Cyprus applies to join euro-zone
Cyprus has officially applied to become a member of the euro-zone by January 1st 2008, with finance minister Michalis Sarris assuring Cypriots that the move will give considerable benefits to the country's economy.
The European Commission has confirmed that Cyprus' application has been received and stated that a final decision on the island entering the euro-zone could be made by June.
European Union spokeswoman Amelia Torres said that the EU executive and the European Central Bank will meet by mid-May to determine whether or not Cyprus' economy meets required conditions to join the common currency.
Mr Sarris asserted that Cyprus does indeed meet the necessary requirements with gross domestic product expected to grow by around 3.9% this year, with inflation expected to track below 2%.
The Cypriot government has also asserted that fiscal debt will be reduced to about half the permitted 3% of GDP.
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