Yiannakis Matsis was a former (1993-1997) President of the center-right party Democratic Rally (DISY), but disagreed with the party's support for the Annan Plan and decided to fight the elections on a separate ticket. He was joined by deputies Rikkos Erotokritou and Prodromos Prodromou who had been expelled from DISY for opposing the party line on the Annan Plan.
The formation of EvroDi was announced on 30 June 2004. On 13 December 2004 the new party elected its leaders during its inaugural meeting. Prodromos Prodromou was elected as President of the Political Bureau, Rikos Erotokritou as vice-president and Christodoulos Taramountas as Assistant Vice President.