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Developments in the Eastern Mediterranean [InTime News]
Welcome to the weekly round-up of news by Kathimerini English Edition. American energy giant Chevron submitted a joint bid with HelleniQ Energy on Wednesday to conduct natural gas exploration surveys in two blocks south of Crete and two south of the Peloponnese. “Chevron has a large and important position in the Eastern Mediterranean, a region which is very much a part of our future and a priority for us”, noted the company when confirming the bid. The move is particularly notable as 20% to 25% of the two blocks south of Crete overlap with areas illegally claimed by the null and void Turkish-Libyan memorandum, with the American multinational recognizing in practice Greece’s sovereign rights over the area and disputing the MoU. Prime Minister Kyriakos Mitsotakis stated that the bid is “the clearest proof of how our government envisions strengthening the country’s geopolitical position”, emphasizing that the bid is a strategic win and focusing on its regional dimension. He would reiterate this position when he welcomed US Secretary of the Interior Doug Burgum in Athens on Thursday. “It’s a very interesting coincidence that you come a day after Chevron officially submits interest to start exploratory work in areas south of Crete, confirming the sovereign rights of the Hellenic Republic in that area,” he said. Overall, the visit of Sec. Burgum underlined the strong bilateral relations between Greece and the United States and the elevated role of the former in US energy planning, with much of the talks focusing on Greece’s role as an important point for the import and transport of American Liquefied Natural Gas to Eastern and Central Europe. Other regional energy projects were also discussed including the Great Sea Interconnector and GREGY Interconnector, as well as the proposed corridor linking Alexandroupoli and Odesa. Sec. Burgum stated that Greece is a “strategic partner”, adding that the “Trump administration has a couple of goals around energy, and one of those is energy abundance, so energy to our friends and our allies so they do not have to buy from our adversaries”. The Turkish-Libyan MoU also suffered other setbacks this week, including surveys carried out by an Egyptian seismic research vessel in areas claimed by the illegal document. The research area of the Ramform Hyperion vessel even includes a maritime block awarded to Turkey’s state-run oil company TPAO by the government in Tripoli. Athens also submitted a formal letter to the United Nations rejecting the claims submitted by the Tripoli government of Libya in recent months as illegal, as they are based on the Turkish-Libya MoU and ignore the rights of Greece’s islands. Finally, the prime minister and Foreign Minister George Gerapetritis met with Belgacem Haftar, Director General of the Fund for the Development and Reconstruction of Libya and son of the de facto leader of eastern Libya, Field Marshall Khalifa Haftar, to discuss bilateral relations and opportunities for cooperation between the two sides. According to sources available to Kathimerini, Hafter noted that Benghazi is not scheduled to recognize the Turkish-Libyan MoU despite significant pressure by Ankara to this end. Spotlight
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OPINION
 [InTime News]Poll data is leading politicians and parties, including the prime minister, to look seriously towards the possibility of forming a coalition government after the next national elections, scheduled for 2027 at the latest. Obviously, such a development would require a degree of consensus, something Kyriakos Mitsotakis supported during his speech at the TIF. He called on the opposition to demonstrate such a spirit in promoting four crucial reforms that, as he pointed out, “go beyond government circles and require broader consensus”: the formulation of a National Energy Charter, the establishment of a national baccalaureate, the creation of a more effective National Health System, and the modernization of urban planning in order to rationalize the residential landscape in the country. He showed that he understood the reality of the present political situation, and for the first time publicly acknowledged the looming scenario that would require cooperation between parties for the governance of the country. Although – for understandable reasons from an electoral strategy perspective – he insisted on the goal of New Democracy forming a single party government, he directly stated that if the voters decided that ND should not be able to do so, the possibility of forming a coalition government will be explored. Of course, in the coming period he will not talk about the prospect of a coalition government, as this will weaken New Democracy which remains by far the largest party in the country, and indirectly strengthen PASOK, which, according to all indications, is viewed as the main interlocutor in a possible future collaboration. However, the die has been cast; what was once excluded as a possibility, seen as a topic not worth talking about, is now described as a possibility that could be explored. Of course, for this to happen the ripe conditions have to exist among the parties and the leaders involved. |
| CHART OF THE WEEK |
 The presence of major multinational hotel chains in Greece is steadily increasing, as they seek to capitalize from the still strong demand for holidays in the country. At the same time, Greece is a market in which many of these chains did not have, comparatively to the European average, a strong presence. At the same time, the trends displayed by the Greek hotel industry, and particularly the prevalence and performance of four-star hotels, makes it particularly attractive as these hotels often offer the best profit margins for their operators. Finally, it is likely that operators are looking to enrich their portfolio with Greek investments which is likely set to see an increase of travellers from North America. |
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| ECONOMY IN A NUTSHELL |
| “The Athens Exchange (ATHEX) general index closed at 2,062.73 points, up 1.96% from last week.” |
| “Despite the continuous upward trend of the Greek-owned merchant fleet in both capacity and the number of ships, the number of shipping companies continues to decline as the market continues to consolidate through mergers and acquisitions. In fact, the decline may be even bigger as large companies have created specialized subsidiaries.” |
| “To cope with rising prices for holiday accommodation and transport, Greeks have resorted to cutting down their getaway days. They are also adapting by choosing to visit islands that are closer and are more affordable. Indicatively, Aegina, that is very close to Athens, saw a 12.65% increase in traffic this summer.” |
| WHAT'S ON THE AGENDA |
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Editor's Pick One would expect that the need for a positive shock in the field of research would be a top priority for this government and personally for the prime minister, who knows the field of innovation well and fully understands how much Greece needs to changeAlexis PapachelasRead the article |
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