Greece and Cyprus are at odds regarding the electricity cable interconnection project, the Great Sea Interconnector (GSI). But now things are getting an even uglier turn as the European Public Prosecutor is about to start an investigation on the management of the EU funding of the project, as the Cypriot President alleged on Wednesday.
The GSI project that was practically halted beginning of 2025 aims to end the energy isolation of the island state and connect it with Greece and Israel. However, Athens and Nicosia disagree on its financing.
The Cypriot government seems divided over the project’s viability, while Athens insists that Nicosia should also participate in the financing of the project with 25 million euros, a demand rejected by the Cypriot Finance Minister Makis Keravnos who raised doubts about the economic viability of the project
Greek Deputy Prime Minister Kostis Hatzidakis urged Nicosia to clarify its position on the issue arguing that cable could not be paid for only by the Greek taxpayer but the cost must be shared.
Christodoulides’ shocking revelations on European Prosecutor investigation
On Wednesday evening, Cypriot President Nikos Christodoulides evening assured that there were no differences with the Greek government regarding the project.
However, at the same time, he also dropped a bombshell: Christodulides revealed that the European Union Public Prosecutor is due to start investigation on the project that was first launched in 2021 and the EU has approved funding of 657 million euros.
Ο ίδιος ο πρόεδρος της Κυπριακής Δημοκρατίας αφήνει δημοσίως να εννοηθεί πως η κυβέρνηση Μητσοτάκη και ο ΑΔΜΗΕ θα ελεγχθούν για απάτη από την ευρωπαϊκή εισαγγελία για το καλώδιο Great Sea Interconnector. pic.twitter.com/1GtUi1aCxg
— Constantinos Tachtsidis (@C_tachtsidis) September 3, 2025
The Cypriot President refrained from elaborating on details, however, he said that there have been “denouncements for criminal offenses”. He that such an intervention “will naturally brings delays.”
Greek government spokesman Pavlos Marinakis said early afternoon on Thursday that there has been no relevant request.
According to newspaper tovima.gr, the European Public Prosecutor’s Office neither confirmed nor denied the investigation after its journalists contacted the office in Athens. as reportedly initiated an audit of the management of EU funds, as this project dates back to 2010 and the total funding is estimate
At present, there is no official information on either the scope of the prosecutorial intervention or its direction. However, the intervention is considered a given, as it was revealed by the Cypriot President himself, the newspaper noted. Citing competent sources, it added that “an audit of the management of the EU funds” for the GSI project is considered as “inevitable”.
The Great Sea Interconnector
The GSI project, formerly known as the EuroAsia Interconnector is a planned HVDC interconnector between the Greek, Cypriot, and Israeli power grids via the world’s longest submarine power cable, with a length of 310 kilometers (190 mi) from Israel to Cyprus and 898 kilometers (558 mi) from Cyprus to Greece for a total of 1,208 kilometers (751 mi).
After long talks and negotiations, that started in 2010, Greece and Cyprus signed the initial agreement in 2021.
In summer 2021, the European commission President Ursula von der Leyen presented the EU approval for the Cyprus plan to spend €1.2 billion under the EU Recovery and Resilience Plan. EuroAsia Interconnector got €100 million funding from EU Recovery and Resilience Plan.
In January 2022, the European Commission approved €657 million under the Connecting Europe Facility (CEF) for EuroAsia Interconnector.
The inauguration ceremony on the start of the construction works were held on October 14, 2022, at the Presidential Palace in Nicosia. More information on wikipedia.
