It was preferable, it said, to a collapse of the system and a return to the Cypriot pound
which would wipe out assets.
If a way cannot be found to raise the cash to stop Cyprus going bust the country could be forced to revert to the old currency - the Cypriot pound
- when they re-open.
The final conversion exchange rate between the Cypriot pound
and the Euro was one Euro per 0.585274 Cyprus pounds.
At the domestic level, the advantages linked to the scrapping of the Cypriot pound
and the Maltese lire will be more noticeable.
Currency: Cypriot pound
, approx 0.78 to the pounds 1.
Even the elegant Cypriot pound
will disappear in the process, as the country swiftly moves to complete its integration into Europe.
The stability of the exchange rates of the Cypriot pound
and Maltese lira has not been a problem since the two countries joined the ERM II system in May 2005.
Marketing manager Michael Cartwright said: "With sterling so strong against the Cypriot pound
, customers are getting up to 25 per cent more property for their money compared with last year."
In addition, the strength of Sterling against the Cypriot pound
has allowed UK buyers to increase their purchasing power."
At the end of a cliffhanger prior to the pre-presidential campaign, the Cypriot parliament finally adopted on 15 March the law ratifying the withdrawal of the Cypriot pound
in favour of the euro on 1 January 2008 despite the opposition of the main party in the coalition government.
Two exceptions are southern Cyprus, where the Cypriot pound
is best, and, of course, America, where you shouldn't even contemplate taking anything other than dollars.
Thanks to the strength of sterling against the Cypriot pound
, if you want to splash on the suntan lotion without having to splash out too much dosh, then this Mediterranean island is the place to go.