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finance ministers of the 12 euro-member countries. President Papadopoulos said joining the ERM2 would bring “specific and tangible benefits to the economy of Cyprus” and speed up implementation of the government’s social policies. The central parity rate was fixed at CYP 0.585274 or EUR 1.7086. With Cyprus rates expected to decline from 5.25% to 3% to meet ECB levels, the biggest benefits of low rates would be in the property market, bonds, the stock market, trade and tourism.
The unemployment rate of Cyprus in March was 5.1% compared to 8.9% in the eurozone,
Jobless at 5%:
according to Eurostat. Financial Mirror data showed the registered unemployed at 12,510.
The European Commission has decided to authorise rescue aid for troubled (?) Cyprus Airways, consisting of a CYP 30 mln (EUR 51 mln) loan guarantee for the next six months to allow the authorities to restructure the airline (say that again!).
Cyprus is looking towards a 10% increase in summer tourist arrivals, but the hoteliers have warned that this also means 100,000 more visitors to the north.
Attorney General Solon Nikitas, a close friend of President Tassos Papadopoulos, quit after a high court cleared former Health Minister Dina Akkelidou (of AKEL) of interfering with the course of justice in a drug offender case that he had vehemently prosecuted.
Tourists going north: