Greek Parliament Rejects Amendment Freezing Ministry Of Finance Funds For Electric Interconnection

by THEFUTURE.TEAM

December 18, 2025

The Greek Parliament recently convened to deliberate an amendment that would have frozen approximately €54 million in funds earmarked for the country’s electric interconnection project. The proposed measure targeted disbursements intended for 2025 and 2026, allocated as two installments of €25 million each to the implementation body, ADME.

Amendment Details And Fiscal Implications

The amendment specifically aimed to suspend the disbursement of funds from the Ministry of Finance. By freezing these funds, the government would have effectively delayed financial commitments related to vital energy infrastructure. However, the motion was narrowly rejected, with a vote tally of 27 in favor and 28 against, highlighting the contentious nature of the decision.

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Voting Dynamics And Political Rift

The split in the parliamentary vote underscored political divisions. Members of AKEL, EDEK, DIKA, and the Green Party emerged as staunch supporters of the fund commitment. Additionally, notable votes in favor came from DISY MP Kyriakos Chatziyanis, DIKO MPs Zacharias Koulias and Christos Orfanidis, as well as independent MP Alexandra Attalidou. In contrast, members from DISY, DIKO, and independents such as Andreas Apostolou and Michalis Giakoumi opposed the amendment.

Looking Ahead: Financial Flexibility For Infrastructure Projects

With the rejection of the amendment, the Ministry of Finance retains the authority to release the designated funds at its discretion—free from further parliamentary oversight. This development places the onus on the Ministry to manage the financial aspects of the electric interconnection project, ensuring that strategic decisions regarding fiscal resources can be made swiftly in response to evolving market or infrastructural conditions.

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Cyprus Government Surplus Rises To €1.61 Billion In First Nine Months Of 2026

by THEFUTURE.TEAM

November 5, 2026

Cyprus recorded a general government surplus of €1.61 billion in the first nine months of 2026, equal to 4.0% of gross domestic product, as revenue growth outpaced the rise in public spending. Higher receipts from income taxes, social contributions and value-added tax (VAT) drove the improvement, while lower capital expenditure helped restrain spending.

Preliminary figures released Tuesday by the Statistical Service of Cyprus show the surplus rose to €1.17 billion, or 3.0% of GDP, up from € 442.1 million in the same period of 2025.

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Total government revenue increased 6.5% to €12.09 billion, while expenditure rose 2.9% to €10.48 billion.

Key Fiscal Measure	January–September 2025	January–September 2026
Total revenue	€11,353.9 million	€12,091.8 million
Total expenditure	€10,186.2 million	€10,482.1 million
Government surplus	€1,167.6 million	€1,609.7 million
Surplus as a share of GDP	3.0%	4.0%

Income Taxes And VAT Lead Revenue Growth

Taxes on income and wealth made the largest contribution to the increase in revenue. Receipts in this category climbed by €442.2 million, or 15.3%, to €3.34 billion, compared with €2.89 billion a year earlier.

Social contributions rose by €235 million, or 6.6%, to €3.78 billion. Taxes on production and imports increased by €251.5 million, or 7.2%, reaching €3.77 billion.

Net VAT receipts, after refunds, totalled €2.64 billion, up €293.1 million, or 12.5%, from €2.35 billion in the first nine months of 2025.

Some Revenue Streams Decline

Not all revenue categories moved higher. Capital transfers fell by €74.6 million to €96.7 million, while current transfers declined by €71.6 million, or 20.5%, to €278.2 million.

Revenue from services slipped 1.0% to €743.5 million. Interest and dividend receipts dropped by €37 million, or 28.6%, to €92.4 million.

Social Benefits And Personnel Costs Increase

On the expenditure side, social benefits rose by €199.6 million, or 4.9%, to €4.27 billion. Compensation of employees—which includes imputed social contributions and public-sector pensions—increased by €108.3 million, or 3.8%, to €2.99 billion.

Intermediate consumption, covering goods and services used in the delivery of public services, rose by €114.3 million, or 11.0%, to €1.16 billion. Interest payments increased by €8.7 million, or 2.6%, to €340.7 million. Current transfers were up €68.7 million, or 10.6%, at €714.7 million.

Lower Capital Spending Limits Expenditure Growth

The overall increase in spending was tempered by a decline in capital expenditure. Capital-account spending fell by €189.9 million, or 16.9%, to €936.2 million from €1.13 billion in the same period last year.

Investment in fixed capital declined by €94.1 million, or 12.1%, to €686.4 million. Other capital transfers fell by €95.8 million, or 27.7%, to €249.8 million. Subsidies also decreased, dropping by €13.9 million, or 15.5%, to €75.8 million.

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