E.U. Membership Stirs Up Cypriot Greek Market

The Greek side newspaper Fileleftheros reported in today’s edition that E.U. membership is causing some turmoil in the Cypriot Greek markets. One example the paper cited was that even though duties on imported goods have dropped, prices for the consumer remain the same.

The paper added that value added taxes (VAT) on baby supplies, ready made clothing, lingerie and underwear rose 5-15 percent. Despite the fact that the new price list for these goods has not been prepared yet, a higher VAT is being imposed on the products.