Majority of Greek Cypriots against joining Eurozone

Cyprusbarometer reveals 51% opposed to adoption of the Euro while 88% see no solution to Cyprus Problem in near future Less than a year before their entry to the EU’s Economic Monetary Union (EMU), the Greek Cypriots are opposed to the adoption of the Euro, the EU's single currency, by 51%, according to the ‘Cyprusbarometer 2006’ survey, carried out by RAI Consultants on behalf of the Laiki Group.

According to the survey, presented last week, Greek Cypriot opposition to the accession of Cyprus to the EMU has seen an increase of 10% compared to the 41% opposed in the 2005 Cyprusbarometer.

The majority (79%) of Greek Cypriots believe that entry to EMU will have a negative effect on the unemployment rate and inflation followed by those (67%) that say it will hurt the competitiveness of the economy, financing costs (60%), the fiscal deficit (57%) and tourism (27%).

The 2006 survey also showed that an overwhelming majority (88%) is pessimistic regarding a solution to the Cyprus Problem soon. The highest expectation for a Cyprus solution was recorded in 2004, the year when the efforts for a Cyprus solution culminated with the Annan Plan, which only received 23% of the votes in favour. Since then surveys have shown a steady decline. In 2005 it was 11% and in 2006 went further down to 9%.

The Cyprusbarometer has been carried out by the Laiki Group since 1999. The 2006 survey was conducted between December 2006 and January 2007, a period during which a total of 1,000 interviews were taken.