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Cyprus’ finance minister set off a storm this week after questioning whether a long-delayed electricity link between Cyprus, Greece, and Israel can actually work under current terms.
In an interview with Kathimerini, Finance Minister Makis Keravnos said two independent studies on the Great Sea Interconnector project both found it “not viable” as it stands. He stressed the complexity of the cable, which would connect Cyprus to Europe’s grid, saying it involves not just money and engineering but also politics.
“This project has been discussed since 2010,” Keravnos said, noting the European Commission earmarked €650 million for it years ago. “The question I ask is, why after so many years has the European Commission not wondered why this project has not moved forward?”
His comments drew swift reaction in Athens. Greek Deputy Prime Minister Kostis Hatzidakis told state broadcaster ERT that the project isn’t just a Greek national effort but part of Europe’s wider energy plan.
“It concerns electricity interconnections at a European level and is therefore a project of European priority,” Hatzidakis said. He argued that Cyprus stands to benefit most, since the cable would end the island’s energy isolation. “Our commitment is given,” he added, “but it remains to be clarified what Cyprus also wants to do.”
Greek government spokesman Pavlos Marinakis struck a similar note, insisting Athens still backs the project but warning Greek taxpayers won’t foot the entire bill. “We are pursuing this project; our stance does not change,” he said. “But there is no way the entire fiscal cost will be borne by Greece.”
For Cyprus, the debate also touches on immediate financial questions. Keravnos pointed to a recent decision by the island’s energy regulator to approve a €25 million payment toward the project. He said that with the current technical and geopolitical uncertainties, such payments are “not a simple matter” unless key parameters are first secured.
The latest flare-up adds to the growing list of major infrastructure projects in Cyprus that have stalled or run into trouble, from the Vasilikos LNG terminal to unfinished roadworks.
