Cyprus stelt invoering euro uit, opiniepeilingen in Estland over euro zijn negatief (en)

The Cypriot government has decided to join the eurozone half a year later than originally planned, while opposition to the euro among Estonians is growing.

"After exhaustive discussions and evaluation of all the facts, the council of ministers approved the proposal to adopt the euro on January 1, 2008", a Cypriot government spokesman was quoted by AFP news agency as saying on Wednesday (2 November), with a considerable fiscal deficit prompting the delay.

Nicosia had hoped it would join the single currency in mid-2007, just after the first group of prospective new member state entrants Estonia, Lithuania and Slovenia.

Cyprus entered the exchange rate mechanism (ERM), seen as a two year long waiting room before euro adoption, in April 2005.

Estonians get nervous

Meanwhile, opposition to the euro among Estonians is growing, as the country is preparing to adopt the EU's single currency in the first group of new entrants.

Fifty percent of citizens disapprove of the introduction of the euro, as opposed to 44 percent supporting it, according to a poll published on Wednesday (2 November) by the Emor agency.

The number of opponents has risen compared to last month's survey, when the public was equally divided between those opposing and supporting the replacement of the national currency, the kroon.

All new member states have been obliged to join the EU's single currency under the terms of thier accession treaties

Estonia, Lithuania and Slovenia are the first in line with a target date of 1 January 2007.

The European Commission is expected in April 2006 to recommend whether the frontrunners can join at the target date.

Latvia, Malta and Cyprus should follow suit after a commission assessment in April 2007.

According to Brussels, Latvia is likely to have the biggest problem in meeting the entry objective, due to its current inflation rate of 6 percent.

Among the Visegrad countries, Slovakia is heading for a 2009 entry date, the Czech Republic for 2010 and Hungary for 2010 or later.

The Polish president recently announced a 2010 referendum on euro adoption.