Returning €67 million to the European Union in relation to the Vasiliko project will not derail the state budget, Government Spokesperson Constantinos Letymbiotis said on Thursday. Speaking during a media briefing at the Presidential Palace, he noted that while the sum “is not small,” it has been factored into annual fiscal planning. “It will not derail our planning or our budget,” he said, adding that provisions have already been made for this amount.
Investigations under way
Asked whether the payment would affect public finances and whether the government intends to probe what went wrong, Letymbiotis pointed to ongoing investigations by the European Public Prosecutor’s Office (EPPO) concerning both the Vasiliko project and the electricity interconnection. “We must await the conclusion of this investigation,” he said, stressing that Nicosia has repeatedly called for it to be completed as soon as possible and to examine all identified aspects. Where needed, he added, the government will take further steps to investigate every dimension of the case, not only the €67 million to be returned by the Republic of Cyprus, but also issues tied to delays or non-implementation of the project against expected timelines and specifications.
Funding for the electricity interconnection
On the €25 million related to the electricity interconnection, Letymbiotis said relevant provisions have been included in the 2025 and 2026 state budgets, funds “the Republic of Cyprus has planned to provide.”
He recalled the joint statement by the President of the Republic and the Greek Prime Minister after their meeting in New York, reaffirming their commitment to implementing the interconnection project. He added that Nicosia remains in close coordination with top EU institutions, both the President of the European Commission and the President of the European Council, as work proceeds.
CNA sourced reporting
