(22 Jun 2007) SHOTLIST
1. Wide shot of Tassos Papadopulous, Cypriot President sitting down for news conference
2. Close-up of Cypriot flag
3. SOUNDBITE: (English) Tassos Papadopoulos, Cypriot President:
"This is a very historical day for Cyprus. It has become possible through hard work of government officials, the experts who advised us, their understanding of the European Central Bank and the (European) Commission. It's a proof that the economic policy that we have followed in Cyprus has been rewarded by making it possible for us to accomplish the indicators, which are very strict as you know, and which have been, demanded by the European Central Bank and by the (European) Commission."
4. Medium shot of news conference
5. Cutaway of journalist taking notes
6. SOUNDBITE: (English) Tassos Papadopoulos, Cypriot President:
"In the case of Cyprus we are expecting that the rounding up of prices would be downwards, not upwards, because right now our currency is stronger than the Euro."
6. Papadopulous leaving news conference
STORYLINE:
The President of Cyprus on Thursday welcomed the go-ahead received from European Union leaders for his country to join the euro currency zone and called it "a very historical day for Cyprus."
Tassos Papadopoulos spoke in Brussels shortly after the approval for Cyprus and Malta to join the zone came through during the meeting of EU heads of states.
The EU go-ahead, he added, was "proof that the economic policy that we have followed in Cyprus has been rewarded".
Final approval, however, will come from EU finance ministers on July 10, bringing the number of countries using the currency to 15.
Cyprus and Malta will bring just over 1 (m) million people to the 318 (m) million who now use the euro. Their economies account for only 0.2 percent of euro-zone gross domestic product.
Papadopoulos added that the round up of prices in Cyrus once it switches to euro will go downwards and not upwards as was the case in many EU countries when they adopted euro."
One area of concern over Cyprus was what might happen if the Greek Cypriot part of the island reunites with the breakaway northern Turkish Cypriot republic. EU officials insist that letting Cyprus into the euro zone is purely an economic issue.
Formal documents barely mention northern Cyprus beyond a minor reference in a European Central Bank report that predicts substantial costs to develop the Turkish Cypriot part after the island is reunified.
As things stand, only the Greek Cypriot state is recognised by the European Union and will adopt the euro, leaving the Turkish lira as the currency in the northern part of the island.
EU Economic and Monetary Affairs Commissioner Joaquin Almunia has warned the Turkish Cypriots against using the euro despite not being part of the euro zone - as non-EU members Montenegro and Andorra do.
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