Akinci wants the Euro!

[Jonnie]

http://cyprusscene.com/2015/10/14/cypru ... a-in-trnc/

and he wants it prior to a solution by the sounds of things!

[turtle]

Are we sure he is a TC ?

[Legin-11]

Time to pack I think. Obviously the draw of the wonderful job the euro has created across Europe is clouding his and every TC's judgement ?

The wonderful social harmonisation in Greece, Portugal, Spain and all the Baltic countries, and the onset of migrants flooding western Europe has enabled him to get a clear perspective on the whole EU format and what a wonderful EU it is !!

Oh of course its the TC greed and promise of wealth that is driving it, silly me.

[chiangbill]

Does Mr Akinci have the power to put the TRNC economy in to the Euro?

[johnny1]

Oh boy....A nightmare is about to begin!

[terry2366]

Well if they join the euro that would mean we are in the eu so wages instead of being 10 lira that would be in the region of 8.50 euro which would please all on low wages. But employers would have a problem a big one hotels shops and the such. As a sterling pensioner it would not affect me too much the idea of customs unity will cause problems with the banks and car dealers and owners of cars alike. It will be much cheaper to import yourself as the south only charge around £350 per car but it will be the end of cheap cigs and booze. Some places are already charging the equivalent of 3 euros and more for drinks so not a lot of difference from the south.

[cambridge]

Why do you think the politicians & business are keen for the Euro. It couldn't be all those lovely EU grants which would be available and the " opportunities " that they may present!!
Just a thought.

[johnny1]

8.50 euro...an hour or day?
noone gets 8.50....i know people working for less than 3 euro an hour.....there is no such thing in cy as a minimum wage.they pay watever they want..sometimes they dont even pay!!!

[turtle]

Just thinking about this and I need a little help with it ?
To adopt the Euro you have to be an EU member state yes/no ? I know the EU have suspended the TRNC until a solution is found so how can they adopt the Euro before a solution is found ?
I can only imagine that Akinci is planning a sell out... if he is handing power to the ROC to allow the Euro up north!.. or would the EU allow the TRNC to adopt the Euro if there was a Bi-Zonal thingy.
What if they take the Euro before the solution and then there is no solution ? and I wonder what Turkey think of all this.

[rick bald]

In 5 or 10 years time maybe!!

[Maisiemoo]

Montenegro uses the euro as its currency and they're not in the EU.

[dodger]

Wont the good people of North Cyprus get to vote on the Euro.In the form of a referendum.

[AJay]

KKTC president, minister differ in remarks over shift to euro:

http://www.todayszaman.com/business_kkt ... 01509.html

[dodger]

Montenegro uses the euro as its currency and they're not in the EU.

And Kosovo.

[Art]

massive mistake!

[turtle]

They've got no chance...

What are the convergence criteria?
The convergence criteria are formally defined as a set of macroeconomic indicators which measure:
Price stability, to show inflation is controlled;
Soundness and sustainability of public finances, through limits on government borrowing and national debt to avoid excessive deficit;
Exchange-rate stability, through participation in the Exchange Rate Mechanism (ERM II) for at least two years without strong deviations from the ERM II central rate;
Long-term interest rates, to assess the durability of the convergence achieved by fulfilling the other criteria.
The exchange-rate stability criterion is chosen to demonstrate that a Member State can manage its economy without recourse to excessive currency fluctuations, which mimics the conditions when the Member State joins the euro area and its control of monetary policy passes to the European Central Bank (ECB). It also provides an indication of the appropriate conversion rate that should be applied when the Member State qualifies and its currency is irrevocably fixed.

[DenBoy]

Ah turtle, couldn't agree more - if at all, many years from now unless they go bending every single rule !!

Great summary - nothing better that a cool, calm & collective post.

Dennis

[Dalartokat]

Another piece written in the Daily Sabah regards Euro transition.



http://www.dailysabah.com/money/2015/10 ... o-the-euro

[munchy]

Message 16 Just like when Greece originally joined!

[dodger]

They've got no chance...

What are the convergence criteria?
The convergence criteria are formally defined as a set of macroeconomic indicators which measure:
Price stability, to show inflation is controlled;
Soundness and sustainability of public finances, through limits on government borrowing and national debt to avoid excessive deficit;
Exchange-rate stability, through participation in the Exchange Rate Mechanism (ERM II) for at least two years without strong deviations from the ERM II central rate;
Long-term interest rates, to assess the durability of the convergence achieved by fulfilling the other criteria.
The exchange-rate stability criterion is chosen to demonstrate that a Member State can manage its economy without recourse to excessive currency fluctuations, which mimics the conditions when the Member State joins the euro area and its control of monetary policy passes to the European Central Bank (ECB). It also provides an indication of the appropriate conversion rate that should be applied when the Member State qualifies and its currency is irrevocably fixed.

Go Tats,excellent post.

[mac]

Has the rest of the world recognised us finally???

I`m sure Turkey spent millions of Dollars for this to happen...

[chiangbill]

http://www.lgcnews.com/technical-work-t ... dopt-euro/

Technical work will begin for the TRNC to adopt the Euro, in the event of a possible solution to the Cyprus problem.

Possible solution. Could take years for that to be sorted.

[Deniz1]

Let him have the Euro preferably some where else than here.

[JBA]

Strange timing for such an announcement. With the lira so weak it is not a time for people to be enthusiastic about converting to euros and, unlike other countries contemplating joining, TRNC are unable to influence the currency to a more favourable level. I don't think it will help him to get a 'yes' vote in a referendum.

No doubt we will be able to keep tl bank accounts for a time, but it will cease to be legal tender after some months I would think. I will hate to lose those nice tl interest rates.

Presumably also the trading of properties and cars in UK£ will cease.

[RAZR63]

"Akinci said that by bringing experts over from the EU". Experts at what??

mismanagement
Weakening Europe's Cultural Defenses
Promoting a Bloated Bureaucracy
Excessive Regulation and Centralization is bad for Freedom and for Prosperity
Lack of a Real Separation of Powers in the EU Invites Abuse of Power
Lack of Transparency Leaves the EU Vulnerable to Hostile Infiltration
Less Freedom of Speech
Failing to Consult its Citizens and Insults Them When Doing So (this probably already happens here!)
Undermining Political Legitimacy and Connections between Rulers and the Ruled
Spreadsing a Culture of Lies and Corruption

Click here for reasoning: http://tinyurl.com/o8z4czl

[surfmeetseast]

Will never happen in a million years, simply because the whole infastructure of the TRNC would have to comply with EU human rights laws, H&S and so on. Our prime minister can not see further than the end of his nose, and really does not want to. He is ruled by his ego

[erol]

Will never happen in a million years, simply because the whole infastructure of the TRNC would have to comply with EU human rights laws, H&S and so on. Our prime minister can not see further than the end of his nose, and really does not want to. He is ruled by his ego

Sorry to be a pedant but Mustafa Akıncı is the president of the TRNC not the prime minister. I believe the current prime minister of the trnc is Ömer Kalyoncu. Sorry.

[jamboree]

Mr akinci wants the euro. I can't believe he is talking about euro, where there is greater issues that should be talked about and sorted out, as a Turkish Cypriot for me the question of safety and security being an agreement which is highly impossible. All we have heard about is the wants of the gcs which leaves the tcs in a hole of in a field somewhere. The euro will never happen as other people on this subject have clearly stated reasons turtle. Here in north Cyprus we are not in a war situation and we have been living the same way for the past forty or so years being able to sleep safe at night knowing that we will not be attacked or burnt alive in our homes at night because we have the Turkish army here. If they were not here things would be very different I believe I speak for my self and not others. As there is so many people that think that the army should go. If they go where will we be back to square one start fretting sleepless nights as we will not be safe no one. So the moral of the story money makes every one forget the reason why we are in this situation in the first place. So mr akinci talk about things that matter to the people of north Cyprus and don't smoke screen with wanting the euro, i want safety and security for my self and family screw the euro if we want it we can get it from the money exchange shop.

[Deniz1]

Sooo agree with you.