New era dawns on Cyprus with the euro, says President

The introduction of the euro in Cyprus, on January 1st 2008, marks the beginning of a new era for the Republic, full of hope and changes for the better, President Tassos Papadopoulos has said, as he welcomed the country’s new legal tender.

”If our accession to the European Union is rightly considered as a great achievement, our entry to the eurozone and the adoption of the euro, can be justifiably described as an even greater deed,” the President said in his brief remarks.

The government and the people of Cyprus have every right to be proud of this achievement and feel vindicated, he added.

“The last day of 2007 is the last day of the Cyprus pound – as of tomorrow the euro will be part of our lives as the official currency of the Republic of Cyprus, a member state of the European Union,” he said as he withdraw the first euro banknotes from an ATM machine at the Ministry of Finance.

Speaking at a special ceremony to welcome the new year and the euro, President Papadopoulos said ”tomorrow marks not only the beginning of a new year but also the start of a new era for Cyprus, a hopeful era for the Cypriot citizen, the European Cypriot citizen.”

“The introduction of the euro is not simply a change of our national currency, it is in essence a change of the way of life, the crown of our European identity, the culmination of a correct fiscal policy, which we have followed with consistency and responsibility over the past few years,” he added.

Cyprus, he noted, has managed, with the help of all the social partners and the political parties, to meet the criteria for entry into the euro-area.

The President referred to the economic achievements that have led the country to the euro-area – lower inflation, a drop in interest rates, a reduction in the fiscal deficit, restriction of public debt and stability in the exchange rate.

”As of tomorrow, our lives will change gradually for the better. The euro will secure currency stability, open new horizons for the local economy and bring European citizens closer,” he said.

President Papadopoulos thanked all those who have worked very hard to make the introduction of euro in Cyprus a reality.

“A happy New Year with the good new currency,” he wished everybody.