EP backs Cyprus entry into eurozone

The European Parliament (EP) approved by an overwhelming majority (585 in favour, 14 against and 90 abstentions) a report by a German Euro MP which gives the green light to Cyprus’ entry into the euro area in January 2008.

The EU summit will take a political decision on the two countries’ applications this week, then the ECOFIN Council will makes its formal decision on the legislation on 10 July (fixing of CYP with EUR).

Two of Cyprus’ six Euro MPs voted in favour, two abstained while 2 were in Cyprus and did not bother to show up for the historic vote. The Euro MPs of Greek Communist Party also voted against or abstained.