Cyprus well placed for euro in ’08

NICOSIA (Reuters) – Eurozone hopeful Cyprus is well placed to join the single currency on schedule in 2008, an IMF official said yesterday. «Cyprus is sailing very safely on to euro adoption on Jan. 1, 2008, and I think the sooner the better,» said Jeroen Kremers, an executive director at the IMF. Fiscal slippage which saw deficits spiral above the 3.0 percent of GDP limit in previous years frustrated the target of adopting the currency earlier. «It’s a matter of getting it over with. There is no uncertainty that this will happen. The economy is well adjusted, the only (outstanding) issue was in its fiscal domain,» said Kremers, who is Cyprus’s representative on the IMF executive board.

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