Cyprus Finance Minister stresses economic viability and risk management for Greece-Cyprus electricity interconnector
Cyprus Finance Minister Makis Keravnos has emphasized the critical need for thorough economic studies and risk assessments before proceeding with the Greece-Cyprus electricity interconnector project, known as the GSI. Despite the project's strategic importance, Keravnos insists that economic viability and detailed risk allocation must be prioritized to protect Cypriot taxpayers from undue financial exposure.
Keravnos' cautious stance earned criticism initially, but a prior shelving of the project and agreement between governments to update economic studies validated his approach. The minister highlights the essential distinction between geopolitical necessity and economic feasibility, noting both must be independently addressed. Key unanswered questions include the precise cost to Cypriot consumers, potential impacts of delays or failures, and the distribution of risk.
As a small state with limited capacity to absorb financial shocks, Cyprus must avoid proceeding without clear guarantees and detailed economic reassessment by the European Investment Bank. Keravnos advocates for comprehensive answers and transparency to ensure that the project’s strategic value does not overshadow economic prudence.
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