Cyprus-Forum.com

[sandalex]

From newspapers in the UK, it appears that the countries using the Euro are, in general, not very happy. Price rises on basics appear to vary from about 20% to an estimated occasional 80% in some countries. A particularly interesting point is that Germany now has 14 local currencies. In the days of the DM there were none - so not a tradition hanging on.
If Cyprus changed the name of its currency to lose the "inherited" pound, and get away from the colonial association, OK - call it something else. The Euro is not the same issue, and to use it as a reason for rejecting the nomenclature "pound" is illogical. It was, as has been observed, predicted that the pound would suffer if we resisited the Euro, and this didn't happen. This could be regared as a salutary lesson for any country, like Cyprus, with a strong independent currency. The adoption of the Euro is not part of joining Europe, you only have to look round to see that. It is a serious change to make, and, once made, difficult to reverse. Unfortunately, it is probably too late for Cyprus to reverse the decision, and, of course, it may not want to at Government level. Forgive me if I say it, but I wish it would.

Sandalex

[cypezokyli]

Last but not least, joining Euro and in effect becoming a Shengen member it will give a boost to Tourism and drop Cyprus ties to UK tourism. People from france, Germany, Italy etc will feel more at home and would not have even their passports checked when the come in the country, same for Cypriots of course if we go there.

i am not an EU specialist but in the best of my knowledge shengen and euro are two unrelated things.

you can correct me if i am wrong on this

[cypezokyli]

From newspapers in the UK, it appears that the countries using the Euro are, in general, not very happy. Price rises on basics appear to vary from about 20% to an estimated occasional 80% in some countries. A particularly interesting point is that Germany now has 14 local currencies.

Sandalex

what exactly do you mean by "local currencies " ?
an euro coin that just has a different picture on it is defined as a "local currency" or are you reffering to sth else ?

[Kikapu]

Last but not least, joining Euro and in effect becoming a Shengen member it will give a boost to Tourism and drop Cyprus ties to UK tourism. People from france, Germany, Italy etc will feel more at home and would not have even their passports checked when the come in the country, same for Cypriots of course if we go there.

i am not an EU specialist but in the best of my knowledge shengen and euro are two unrelated things.

you can correct me if i am wrong on this

I think you're right cypezokyli. I believe Schengen has to do more with movement of people within the EU membership, and special ties to other countries, like switzerland, who is not a EU member.

But all the same, EURO talks, and PS walks.

[Sotos]

From newspapers in the UK, it appears that the countries using the Euro are, in general, not very happy. Price rises on basics appear to vary from about 20% to an estimated occasional 80% in some countries. A particularly interesting point is that Germany now has 14 local currencies. In the days of the DM there were none - so not a tradition hanging on.
If Cyprus changed the name of its currency to lose the "inherited" pound, and get away from the colonial association, OK - call it something else. The Euro is not the same issue, and to use it as a reason for rejecting the nomenclature "pound" is illogical. It was, as has been observed, predicted that the pound would suffer if we resisited the Euro, and this didn't happen. This could be regared as a salutary lesson for any country, like Cyprus, with a strong independent currency. The adoption of the Euro is not part of joining Europe, you only have to look round to see that. It is a serious change to make, and, once made, difficult to reverse. Unfortunately, it is probably too late for Cyprus to reverse the decision, and, of course, it may not want to at Government level. Forgive me if I say it, but I wish it would.

Sandalex

But if EU is going to become more united and more powerful shouldn't all countries adopt the Euro sooner or later? I mean EU is supposed to become something like United States of Europe at some point otherwise it will not be able to compete with USA and China!

[Duke-Nukem]

I am afraid Euro will bring Cyprus only fears and tears..like it hapened in Greece

r u greek? how do you know?

Introduction of the Euro will strengthen the ties of cyprus to the EU Eurozone. This can only have long term beneficial effects as it had for Greece.

[sandalex]

Cypezokyli asks what a local currency is. Unfortunately, it is exactly what it sounds like. For example: if, say, Paralimni decides that it doesn't like the national currency, somebody, perhaps the local bank, issues Paralimni Pounds (or whatever), which are used solely in the Paralimni area, and honoured by local dealers and tradesmen. It is brokered, for a percentage, against the national currency by the bank. It is, perhaps, an odd arrangement, and clearly costs the individual using it the percentage taken by the bank. It does, however, represent a strong reaction against the Euro, however futile that may be.
If I recall, my information on this came from the Daily Telegraph, so there is at least a possibility that it is accurate.

Sotos is, of course, quite correct, but this is an idealist theory. There is a fair amount of evidence that artificially sticking countries of differing traditions and national characteristics together into a unified mass requires more than democratic politics. Historically, a dictatorship is the most successful procedure! Think Jugoslavia, African countries with historically opposed tribes, possibly even Ireland could be used as an illustration.
On second thoughts, that's what the EU wants to be, isn't it? We're well on the way to totally unelected decision makers already.

Sandalex

[Eliko]

OXI !!!

[Cypriotatheart]

Germany would like to get out of the Euro. If it decided to probably the Euro would fall, since other countries would probably join them. The only problem then is what currency do they turn to.
The Cyprus Pound with its cents is an emblem of the beautiful island, I still have some of the old notes 500mls, and 250mls.
When the UK went to decimal although sums were much easier the prices rose inexplicably.
I'm trying to get used to seeing my balance from Laiki in Cyprus Pounds quoted also in Euros.
Must make sure that I spend all my coins and notes when I come over in June. Then if I come in November I can once again spend at the airport.
The only country that I've heard who like the Euro seem to be Ireland.

[Sotos]

Will we have to do anything for the money that we have in the bank? Or one day we have in the bank 10.000 pounds and then next 17.000 Euro without the need to do any kind of paperwork and transactions?