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Government Approves €207.4 Million Supplementary Funding Amid Strategic Budget Adjustments

The House is set to review additional credits totaling €207.4 million in the coming days. Today, the first supplementary budget for 2025 was formally submitted to Parliament, outlining a fiscal response to increased departmental needs. According to the Ministry of Finance, these adjustments aim not only to address heightened operational demands but also to bolster the efficiency of public administration through strategic staffing enhancements.

Supplementary Budget Credits and Strategic Positioning

The supplementary budget covers essential areas, including the creation of new positions designed to strengthen the state apparatus. Notably, among the changes are the establishment of two new Assistant Supervisors in the Specialized Independent Services. In the Ministry of Defence, structural adjustments include the creation of nine Colonel positions, 19 Lieutenant Colonel roles, 12 Major positions, and 34 First-Class Sergeant roles. Concurrently, 39 Lieutenant positions, 13 Corporal roles, and 22 hourly wage positions have been abolished to maintain a fiscally neutral balance.

Formation of New Strategic Leadership Roles

Following the Cabinet’s decision to establish the General Directorate of Civil Protection, two pivotal roles will be introduced: one General Director and one National Coordinator, both tasked with enhancing the nation’s emergency preparedness. The overall supplementary budget remains fiscally balanced with offsetting savings amounting to €207.4 million, ensuring that the 2026 staffing structure remains consistent with projections.

Comprehensive Government Budget Amendments

In parallel, the Cabinet approved key modifications to the 2026 state budget. These adjustments, which will be integrated into the budget discussion beginning on the 15th at Parliament, involve reallocating funds, transferring resources among departments, and recalibrating personnel configurations. Specifically, the reforms include the creation of 153 new or additional positions, the elimination of 153 public service roles along with 52 vacancies in hourly wage positions, and the renaming or upgrading of select positions and organizational structures.

Fiscal Discipline and Operational Savings

The Ministry of Finance assures that these revisions will not alter the overall employment landscape. In fact, the reduction of 14 permanent roles in the 2026 budget relative to 2025 remains constant. Provisions are also made for establishing the General Directorate of Civil Protection within the Ministry of Interior, with the impending transfer of the Fire Service and select Forestry Department functions under its purview. Moreover, adjustments to public service allowances are set in accordance with the recently signed agreements between employer organizations and labor unions.

Robust Savings Towards Fiscal Stability

The government expects significant savings through these budget modifications, with anticipated reductions of €46.3 million in 2026, €57.1 million in 2027, and €56.4 million in 2028. The overall fiscal balance remains static as the total ceiling for the 2026 budget is maintained at €10.7 billion. Savings are largely attributed to changes in the overtime payment processes for seconded staff at OKYPI, where overtime will now be managed directly by the organization rather than the Ministry of Health.

SEC Drops Lawsuit Against Gemini: A Major Turning Point In Crypto Regulation

SEC Dismisses Legal Action Against Gemini

The Securities and Exchange Commission has formally withdrawn its lawsuit against Gemini, the prominent crypto exchange founded by twins Cameron and Tyler Winklevoss. The move follows a joint court filing in which both the regulator and Gemini sought dismissal of the case that centered on the collapse of the Gemini Earn investment product, a debacle that left investors without access to their funds for 18 months.

Settlement And Regulatory Reassessment

In a significant development, a 2024 settlement between New York and Gemini ensured that investors recovered one hundred percent of their crypto assets loaned through the Gemini Earn program. The legal reprieve comes on the heels of actions initiated by New York Attorney General Letitia James, who accused Gemini of defrauding investors.

Political Backdrop And Industry Implications

This dismissal reinforces a broader trend of regulatory leniency toward the crypto sector noted during the Trump administration, which saw the SEC dismiss, pause, or reduce penalties in more than 60 percent of its pending crypto lawsuits. Meanwhile, Gemini’s recent public offering filing underscores its ambitions to solidify its status as a major player in the evolving digital asset market.

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