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Cyprus To Disburse €25 Million Only Upon Full Execution Of Great Sea Interconnector, Minister Declares

by THEFUTURE.TEAM

September 25, 2025

Overview Of The Payment Commitment

The Republic of Cyprus has affirmed its intention to pay the €25 million installment to Greece’s independent transmission system operator, Admie, contingent upon the complete implementation of the Great Sea Interconnector project. Energy Minister George Papanastasiou clarified that the project must be executed in its entirety, noting that the construction of the cables alone does not fulfill the payment criteria.

Conditional Payment Structure And Project Implementation

Speaking to a national broadcaster, Minister Papanastasiou emphasized that while the government is committed to honoring its contractual obligations through five annual payments of €25 million, this commitment is linked to Admie’s equally binding duty to advance the project. The payment structure is designed to secure a stable income for Admie— a major shareholder with a 51 percent stake in the project— until the interconnector becomes profitable. “An obligation cannot only rest on the payer,” he stated, underscoring the need for a balanced commitment from both parties.

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Pricing Mechanism And Financial Concerns

Minister Papanastasiou also discussed the necessity of finalizing the pricing mechanism to ensure that the €25 million payment is promptly available upon the decision to proceed. However, he stressed that releasing funds before the project is fully implemented would be premature. A lack of progress on the interconnector and divergent views on funding sources have led to substantial disagreements between Cyprus and Greece. The initial plan to finance payments using funds from the European Union’s emissions trading system was critiqued on the grounds of potential conflicts with EU state aid rules.

Strategic Importance And International Endorsement

Both Cyprus and Greece remain publicly committed to the strategic importance of the interconnector, which aims to interlink the countries’ electricity grids along with that of Israel. Recent joint statements by President Nikos Christodoulides and Greek Prime Minister Kyriakos Mitsotakis have reinforced this commitment, with backing from European Commission President Ursula von der Leyen and European Council President Antonio Costa. Despite these high-level affirmations, domestic concerns regarding the project’s feasibility persist, supported by studies suggesting unsustainability at this stage.

Investigative Oversight And Public Assurance

Adding to the complex narrative, the European Public Prosecutor’s Office has initiated an investigation into the interconnector project. Greek Foreign Minister Giorgos Gerapetritis has refuted allegations involving his family, firmly stating that no judicial inquiry concerns his relatives. The minister reiterated that all project participants must meet their obligations without shifting undue responsibility to the other party.

Conclusion

The unfolding dialogue between Cyprus and Greece over the Great Sea Interconnector underscores the broader challenges inherent in multinational infrastructure projects. Both nations have signaled an unwavering commitment to the strategic project, yet financial disbursements remain closely tied to demonstrable progress on the ground. As the project moves forward, industry stakeholders will be closely monitoring its evolution, balancing strategic benefits against the pragmatic realities of execution and governance.

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Central Bank Of Cyprus Balance Sheet Reflects Strong Eurosystem Position

by THEFUTURE.TEAM

February 17, 2026

Overview Of Financial Stability

The Central Bank of Cyprus (CBC) has released its latest balance sheet, reaffirming its steadfast role within the Eurosystem. The balance sheet, featuring total assets and liabilities of €29.545 billion, underscores the institution’s stable financial posture at the close of January 2026.

Asset Allocation And Strategic Holdings

Governor Christodoulos Patsalides issued the balance sheet, which details the CBC’s asset composition under the Eurosystem framework. Notably, the bank’s gold and gold receivables amounted to €1.635 billion, providing a significant hedge and stability to its balance sheet. Additional asset categories include claims on non-euro area residents denominated in foreign currency at €1.099 billion, while claims on euro area residents in both foreign and domestic currency add further depth to its portfolio.

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The most substantial asset category, intra-Eurosystem claims, reached €19.438 billion, an indication of the CBC’s deep integration with its European counterparts. Furthermore, euro-denominated securities held by euro area residents contributed €6.587 billion. Despite a marked emphasis on these areas, lending to euro area credit institutions in monetary policy operations recorded no activity during the period.

Liability Structure And Monetary Policy Implications

On the liabilities side, banknotes in circulation contributed €3.218 billion. Liabilities to euro area credit institutions associated with monetary policy operations were notably the largest single category, totaling €17.636 billion. Supplementary liabilities included those to other euro area residents, which aggregated to €4.989 billion, with government liabilities playing a predominant role at €4.754 billion.

Other liability items, such as claims related to special drawing rights allocated by the International Monetary Fund at €494.193 million, and provisions of €596.571 million, further articulate the CBC’s exposure. Revaluation accounts stood at €1.643 billion, and overall capital and reserves were confirmed at €333.822 million, completing the picture of a well-capitalized institution.

Conclusive Insights And Strategic Alignment

The detailed breakdown illustrates the CBC’s sizeable intra-Eurosystem exposures, reinforcing its central role within Europe’s monetary landscape. With an asset-liability balance maintained at €29.545 billion, the CBC’s financial position remains robust, indicating a commitment to structural stability and strategic risk management.

This fiscal disclosure not only provides transparency into the CBC’s operations but also serves as a benchmark for comparative analysis among other central banks within the Eurosystem, highlighting the intricate balance between asset liquidity, regulatory oversight, and monetary policy imperatives.