Greece Reaffirms Commitment to Great Sea Interconnector Amid Rising Geopolitical Tensions

by THEFUTURE.TEAM

August 26, 2025

Steadfast Progress on a Pan-European Initiative

Greek Foreign Minister Giorgos Gerapetritis unequivocally declared on Monday that the Great Sea Interconnector project will proceed without interruption. Designed to link the energy grids of Greece, Cyprus, and Israel, this ambitious endeavor is firmly entrenched within the framework of a broader European initiative, as confirmed during his dialogue on television with channel Open.

Unyielding Assurance Amid Regional Concerns

Addressing questions about potential international maritime notifications (Navtex) in advance of autumn surveys, the minister dismissed any anticipated complications, stating that there is “absolutely no reason for concern.” The Greek administration remains committed to continuity, emphasizing that surveys will persist as scheduled.

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Defending Sovereign Rights and Strategic Interests

Gerapetritis underscored that the establishment of electrical cables is safeguarded under international law—a principle that guarantees its protection against any interference. He warned that any attempt by Turkey, which aspires to European Union membership, to derail a pan-European project would have significant consequences. In a firm tone, he attested that Greece is fully prepared to exercise all sovereign rights in its territorial waters, including deploying necessary measures if Turkish naval forces encroach upon areas designated for sea-bed surveys and cable laying.

Enhancing Geopolitical Position in the Mediterranean

The minister’s remarks come as part of a broader policy aimed at elevating Greece’s geopolitical standing in the Mediterranean region. With strengthened alliances and a strategic outlook, Gerapetritis noted that Greece is in a more advantageous position now than it was two years prior, in spite of persistent regional challenges.

Context and Contemporary Challenges

These comments follow recent assertions made by Cypriot Finance Minister Makis Keravnos, who cited studies suggesting that the interconnector project faces sustainability hurdles due to geopolitical risks—specifically attributing the delays in seabed surveys to Turkish actions. Earlier reports pointed to possible plans for an alternative route via the Dodecanese islands, although Greek officials have consistently refuted these claims.

Forward-Looking Strategy

In the face of technical, fiscal, and geopolitical uncertainties, Greece continues to demonstrate resolve in advancing the project. Significant investments, including contracts with French technology firm Nexans for submarine cable manufacturing, underscore the commitment to ensuring that critical energy infrastructure projects are not thwarted by external pressures.

Ultimately, the minister’s assurances reflect a broader commitment to not only overcoming immediate geopolitical obstacles but also reinforcing Greece’s role as a key player in the future of European energy security.

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ECB Launches Geopolitical Stress Tests For 110 Eurozone Banks

by THEFUTURE.TEAM

March 9, 2026

The European Central Bank is preparing a new round of geopolitical stress tests aimed at assessing potential risks to major financial institutions across the euro area. Up to 110 systemic banks, including institutions in Greece and the Bank of Cyprus, will take part in the exercise, which examines how geopolitical events could affect financial stability.

Timeline And Testing Process

Banks are expected to submit initial data on March 16, 2026. Supervisors will review the information in April, while the final results are scheduled to be published in July 2026. The process forms part of the ECB’s broader supervisory work to evaluate financial system resilience under different risk scenarios.

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Geopolitical Shock As The Primary Concern

The stress tests place particular emphasis on geopolitical risks. These may include armed conflicts, economic sanctions, cyberattacks and energy supply disruptions. Such events can affect banks through changes in market conditions, borrower solvency and sector exposure. Lending portfolios linked to regions or industries affected by geopolitical developments may face higher risk levels.

Reverse Stress Testing: A Tailored Approach

Unlike traditional stress tests that apply the same scenario to all institutions, the reverse stress test requires each bank to define a scenario that could significantly affect its capital position. Banks must identify a geopolitical shock that could reduce their Common Equity Tier 1 (CET1) ratio by at least 300 basis points. Institutions are also expected to assess potential effects on liquidity, funding conditions and broader economic indicators such as GDP and unemployment.

Customized Risk Assessments And Supervisor Collaboration

This methodology allows banks to submit risk assessments based on their own exposures and operational structures. The approach is intended to help supervisors understand how geopolitical events could affect institutions differently and to support discussions between banks and regulators on risk management and contingency planning.

Differentiated Vulnerabilities Across Countries

A joint report by the ECB and the European Systemic Risk Board indicates that countries respond differently to geopolitical shocks. The Russian invasion of Ukraine led to higher energy prices and inflation across Europe, prompting central banks to raise interest rates. Belgium, Italy, the Netherlands, Greece and Austria experienced increases in borrowing costs and lower investor confidence. Germany, France and Portugal recorded more moderate changes, while Spain, Malta, Latvia and Finland showed intermediate levels of exposure.

Conclusion

The geopolitical stress tests will not immediately lead to additional capital requirements for banks. Their results will feed into the Supervisory Review and Evaluation Process (SREP). ECB supervisors may use the findings when assessing capital adequacy, risk management practices and operational resilience at individual institutions.

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