Malta and Cyprus get Euro nod The process of retiring to Malta and Cyprus is likely to become easier than ever next year, after EU finance ministers backed plans for both countries to adopt the euro from January, 2008. A European Commission report has investigated arguments from both countries and has concluded that they have "achieved a high degree of sustainable convergence". They are now seen as capable of fulfilling "the necessary conditions for adoption of the euro as their currency". An EU summit on June 21st will reflect further on the plans, but few analysts expect opposition to the idea of expanding the eurozone to 15. Malta and Cyprus were both urged to address EU concerns over debt and public deficit, but the latest statements from finance ministers suggest that officials are now satisfied that sufficient progress has been made. Both island nations are exceptionally popular with retirees, thanks to inexpensive living costs, outstanding beaches and year-round sunshine. Adoption of the euro is likely to make both islands more popular still, as the single currency tends to simplify the funding of a property. Popular retirement hotspots France, Greece, Italy, Portugal and Spain already use the euro. |
