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In favor of a new Mediterranean multilateral framework [Shutterstock]
Welcome to the weekly round-up of news by Kathimerini English Edition. When addressing the Hellenic Parliament, outlining his government’s foreign policy, Prime Minister Kyriakos Mitsotakis proposed a multilateral cooperation framework for the Eastern Mediterranean. Dubbed the “5×5” framework, it envisions the participation of five countries (Greece, Cyprus, Egypt, Turkey, and Libya) to discuss five areas of cooperation (migration, marine environment preservation, connectivity, the delimitation of maritime zones, and civil protection). “It is our intention to invite all coastal states over the coming period to a mutual meeting, a forum, where we can examine together everything that impacts us. Greece has nothing to fear from sitting at the table and defending its positions, always in reference to the Law of the Sea”, he said. The government’s plan echoes similar developments taking place in Washington DC, with Massad Boulos, appointed as a Senior Advisor to the State Department by the Trump administration, reportedly having initiated contacts with Greece, Libya, Turkey, and Egypt, with a focused agenda of pushing towards a consensus on the issue of delimiting maritime zones in the Eastern Mediterranean. One of the likely reasons for this US undertaking is the increasing interest of American energy giants, including Chevron and Exxon Mobil, to expand their operations in the region, a difficult undertaking considering the overlapping Exclusive Economic Zones put forward by some countries in the area. However, crucially, the US initiative does not seem to include Cyprus as a participant in this multilateral framework. The proposal outlined by the prime minister stresses that Cyprus must be included in any such regional cooperation framework, while also broadening its scope to include several other pressing issues for the region, state diplomatic sources. Turkey’s reaction to the Greek proposal, in which it states that if Cyprus participates in this multilateral scheme then the Turkish Cypriot community must also be represented, was expected by the Foreign Ministry. However, the participation of the Turkish Cypriot community is something that the Greek side cannot accept as it would act as tacit recognition of its sovereign status and fuel the Turkish argument in favour of a two-state solution.
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OPINION
[Shutterstock]Those who have been following developments in the global geopolitical scene have noted Donald Trump’s desire, intention and eventual preoccupation with resolving regional conflicts, most of which have deep historical roots. Some may have disagreed with the style, the rhetoric he used, and often the exaggeration regarding the degree of his involvement, but this does not negate the fact that in many cases, after his direct or indirect intervention, there was a change of scenery that resulted in a ceasefire agreement or even permanent peace. With this in mind, for months now, we have raised the possibility that at some point – not immediately, but neither in the distant future – he may seek a change of scenery between the two close US allies, Greece and Turkey, with the aim of normalizing their relations. It was also expected that similar efforts would be undertaken for other countries in the region, some of which are also close allies of Washington, and with a significant diplomatic, geographical and religious footprint, such as Egypt. If one adds to the equation the American interests at stake in the region, in many sectors, with energy predominating, one would easily conclude that the relevant Trump initiative was a matter of time. In this light, and after the relevant willingness was expressed by the American president’s senior advisor for African and Arab affairs, Massad Boulos, Athens chose to “come forward” by highlighting the framework within which any initiative should be developed, and this naturally includes Cyprus. Mr. Boulos, who is the father-in-law of Trump’s daughter Tiffany, is said to have probed Greece, Turkey, Egypt and Libya, on the issue of the delimitation of maritime zones in the Eastern Mediterranean. Although we are in an era of transactional relations, the puzzle of the Eastern Mediterranean is so complex that the only major constant, the Law of the Sea, cannot be ignored, even by countries that are not signatories to it. A comprehensive settlement is not easy to arrive at, nor is the creation of a mechanism that will simultaneously satisfy the goals, expectations and interests of Greece, Cyprus, Turkey, Egypt and Libya. But was an agreement between Israel and Hamas easy? Or will one between Russia and Ukraine be? In any case, Mr. Boulos, who was recently the protagonist in the peace agreement between the Democratic Republic of Congo and Rwanda, will encourage all to work towards a framework of win-win solutions, where each country will value the benefits it will secure as more important than the compromises it will be called upon to make. It will not be an easy task. |
| CHART OF THE WEEK |
The power grid is a source of consternation for Greek businesses, with power outages and voltage drops being a serious problem for many entrepreneurs. These grid issues can lead to a halt of production lines, damage equipment, and lead to the destruction of raw materials, from spoiled food to packing materials. The cost of all these can run into thousands of euros for each business. Compounding this issue, businesses usually have to wait an average of three months to be connected to the power grid in the first place, with the lost time translating into a loss of revenues, profits, and overall production. |
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| ECONOMY IN A NUTSHELL |
| “The Athens Exchange (ATHEX) general index closed at 1,987.52 points, down 5.81% from last week. Credit rating agency Standard & Poor’s affirmed Greece’s investment grade this week as well.” |
| “The International Monetary Fund (IMF) predicted the Greek economy’s growth at 2% for both 2025 and 2026, lower than the government’s preliminary budget projections of 2.2% and 2.4% respectively. However, it also forecasts a continued primary surplus and a steady decline of public debt.” |
| “Over two million tons of food are wasted every year in Greece, with the country having the third-highest food waste per capita rate among the member-states of the European Union. Specifically, food waste in Greece is estimated at 201 kilograms per capita in 2023, compared to an EU average of 130 kilograms per capita.” |
| WHAT'S ON THE AGENDA |
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Editor's Pick Regardless of whether those exercising power in Greece exercise it as imperfectly as we believe, at the end of the day no one is convinced that the state will function as it should.Aris AlexandrisRead the article |
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