5th Summit of Greece–Cyprus–Jordan: The three leaders expressed their concern over instability and the escalation of the crisis in the region
The leaders of Jordan, Greece, and Cyprus expressed their satisfaction in a joint statement issued following the conclusion of the 5th Trilateral Summit between Jordan, Cyprus, and Greece, held in Amman, regarding the progress of their cooperation, while also noting their concern about instability in the wider region.
Thessaloniki authorities urge talks as Ryanair plans airport base closure
Local and regional authorities in Thessaloniki are pressing airport operator Fraport to open urgent talks with Ryanair following reports that the carrier plans to shut down its base at the city’s airport.
58 on trial in OPEKEPE farm subsidies corruption case
Fifty-eight people are in the dock in another case involving allegedly illegal subsidies from the country’s disgraced agricultural payments agency, OPEKEPE. The case, heard before the Athens Three-Member Criminal Court, centers on claims that a coordinated network submitted false declarations for non-existent land holdings and crops in order to secure EU-linked subsidies.
https://www.ekathimerini.com/politics/1302993/58-on-trial-in-opekepe-farm-subsidies-corruption-case
Greece wins significant victory in UK High Court over repurchase of GDP-linked securities worth 62 billion euros
Greece has won a significant victory in the UK High Court, in connection with its decision to exercise the right to buy back Greek bonds linked to the country’s GDP, the Public Debt Management Agency announced on Wednesday. The case concerned GDP-linked securities issued by Greece in 2012 as part of the restructuring of its public debt, with a total nominal value exceeding 62 billion euros, making them the largest series of GDP-linked securities ever issued by a sovereign state. The dispute arose after certain investors challenged the legality of the buyback notice issued by the Greek state and the methodology used to determine the repurchase price.
ATHEX: Buying spree takes index to 2,300 points
Donald Trump’s statement that the termination of the conflict in the Middle East may well be close sent stocks soaring across the western bourse, and Athinon Avenue made the most of it, closing with considerable gains and turnover on Wednesday. While most people agree this is mere speculation, as traders seek to buy the prospect of peace before selling it when an agreement actually materializes, it is certain that the local market has more reasons for a further advance than for a decline.
https://www.ekathimerini.com/economy/1303016/athex-buying-spree-takes-index-to-2300-points
KATHIMERINI: New “shipwreck” for research
TA NEA: Solution for the Persian Gulf via China
EFIMERIDA TON SYNTAKTON: We do have money but only for guns
RIZOSPASTIS: Moving forward alongside the Greek Communist Party for new simple folks victories
KONTRA NEWS: Ryanair’s withdrawal ‘torpedoes’ tourism
DIMOKRATIA: Bleak increase in suicides
NAFTEMPORIKI: What feeds the super-surplus
DRIVING THE DAY
STARTING TO GET REAL: Hungary’s incoming PM Péter Magyar is already at loggerheads with the European Commission in the first real test of the post-Viktor Orbán reset: how much of Budapest’s frozen EU funds can he bring home?
The heat is on: After the warm start between Magyar and Brussels’ top brass, talks have intensified behind closed doors over the €10.4 billion Hungary is entitled to under the EU’s post-pandemic recovery funds. The money had been withheld over Budapest’s breaches of EU law under Orbán.
Put a figure on it: The split isn’t over whether money should flow, but how much. That’s according to three officials — two EU and one Hungarian — with knowledge of the negotiations, who were granted anonymity to discuss the confidential talks with me and Gregorio Sorgi.
Tick-tock: The allocation is split between €6.5 billion in grants, which would not need to be repaid, and €3.9 billion in loans, which would. Magyar’s incoming administration has until the program’s deadline of Aug. 31 to request the funds.
Take the grants, forget the loans — that’s the message from Brussels. The Commission is arguing there isn’t enough time to release the full €10 billion, since payouts are contingent on Hungary meeting specific reform targets. The loans would also add to Budapest’s strained public finances, with debt hovering around 75 percent of GDP and the deficit projected near 7 percent in 2026.
He wants it all, he wants it now: If Magyar accepts Brussels’ advice, he will leave €3.9 billion on the table. For Hungarian negotiators, coming home with anything less than the full package would look politically underwhelming after a campaign built around a total reset with Brussels. “We are very optimistic about releasing all the blocked funds,” Kinga Kollár, an MEP from Magyar’s Tisza party, told me.
Like any Brussels negotiation, this is also about exercising leverage. Hungarian negotiators are using the talks to test how far the Commission is willing to bend on the democratic reforms it’s demanding, according to a third EU official familiar with the talks.
Taking grants for granted: The assumption inside the Berlaymont has long been that Hungary would abandon the loan component, one of the EU officials said, suggesting the Commission had already modeled this scenario before Orbán lost the election. Another official noted that talks remain unusually informal because Magyar’s team has not yet formally taken office, complicating discussions over such a pile of money. Magyar is set to be sworn in on Saturday.
Takeaway: The reset is real but so are its limitations. Orbán may be almost out the door — but Brussels’ conditions appear here to stay.
BIG AND BREAKING
THE ITALIAN JOB: U.S. Secretary of State Marco Rubio arrives in Rome today with leverage over Italian Prime Minister Giorgia Meloni — but faces the harder task with Pope Leo XIV, who isn’t susceptible to Washington’s political pressure.
STARMER’S MIDTERM TEST: Britain votes today in local elections, as well as parliamentary elections in Scotland and Wales, that could accelerate the fragmentation of U.K. politics — and leave Keir Starmer’s premiership looking more precarious. Here’s your handy guide to watching the results.
SPANIARDS FIRST: A far-right push to put citizens ahead of immigrants for public services is turning into a crucial political battleground ahead of Andalusia’s regional election in Spain this month.
MIDDLE EAST LATEST: Iran will respond today to a U.S. proposal to end the war, CNN reports — but officials in Tehran and Washington were sending mixed signals overnight about the state of peace talks.
FIELD TRIP
PACK YOUR BAGS: Right-wing Luxembourgish lawmaker Fernand Kartheiser is trying to recruit fellow members of the European Parliament for a trip to Russia, according to a letter seen by POLITICO. That’s despite the Parliament cutting ties with Moscow long ago.
Come one, come all: Kartheiser — who was kicked out of the ECR group last year over a previous trip to Moscow — asks any interested EU lawmaker to contact his office about the “privately funded” trip, which would include an in-person meeting with members of the State Duma.
Putin’s patch: The June 3 meeting is slated for the sidelines of the St. Petersburg Economic Forum, a favorite of Vladimir Putin,who is due to attend this year, per his spokesperson. “Personalized invitations to the St. Petersburg Economic Forum will follow in due course,” Kartheiser promises in the letter, which was sent to a broad list of EU lawmakers.
Controversial: The European Parliament suspended official dialogue with Russian parliamentary bodies in 2014; Russian and Belarusian staff have been barred from accessing the Parliament since Russia’s full-scale invasion of Ukraine in 2022.
Crashing through: Kartheiser, who traveled to Moscow last June, is undeterred. “More and more high-level European politicians call openly for a renewed dialogue with Russia on ministerial level,” he told POLITICO. “So it is only a question of time until the EU policy will change.”
No numbers: Kartheiser declined to say how many lawmakers had expressed an interest in joining his trip by a May 6 deadline.
Official line: EU lawmakers and leaders don’t face penalties for personal contacts with Russia and some EU leaders, like Slovakian Prime Minister Robert Fico, have traveled to Moscow. But top EU officials shun direct contact with their Russian peers, arguing Moscow isn’t serious about seeking peace with Ukraine.
It’s personal: Lawmakers “who engage with Russian diplomatic or governmental entities are acting in their sole personal capacity,” the EP said.
20-SECOND PLAYBOOK PRIMER
The closure of the Strait of Hormuz has resulted in an energy crisis and warnings that jet fuel may run out, affecting summer vacation plans. Yesterday, German airline Lufthansa said it was preparing to introduce refueling stopovers if destination airports are running short. Jet fuelis a highly refined kerosene, similar to diesel, ignited by pressure and heat. The jet fuel in the plane that will take you on holiday is different to the type used in fighter jets (and different again from the stuff you put in your car), mainly because of additives that stop it freezing at high altitude.
TALK TO PLAYBOOK: On the Brussels Playbook Podcast, Zoya asked what makes a European identity. WhatsApp us on +32 491 050629 and listen from 7 a.m. to hear if we give you a shoutout.
COR UPGRADE HALTED
EXCLUSIVE — CONFERENCE HUB SHELVED: A controversial €3.6 million plan to build a 450-seat conference hall at the Committee of the Regions’ Brussels headquarters has been put on hold. CoR President Kata Tüttő told Zoya Sheftalovich the proposal is “off the agenda” while political leaders assess its viability.
Fait non accompli: Politicians on the CoR became aware of the plans, drawn up by the institution’s administration, only when they were presented to them for approval. “Now it’s off the table because all of us felt that we need to understand more,” Tüttő said, adding that trade unions would be included in the redevelopment plans.
Drawing board: Given wider financial constraints, “we see all the problems that we don’t have enough budget for,” Tüttő said. The CoR, an EU body representing local and regional authorities, is seeking more information and is consulting with the European Economic and Social Committee, which also uses the building, she said.
Background: I revealed the planned redevelopment in March, with the “conference hub” added to a wider €49 million redevelopment of the institution. The hub was omitted from public disclosure, prompting trade unions and staff to suggest a lack of transparency.
3 MORE THINGS GETTING US TALKING
TIME TO GET TOUGH: The EU needs to protect strategic industries like chemicals and pharmaceuticals from Chinese oversupply, Belgium’s Foreign Minister Maxime Prévot told POLITICO.
FOSSIL FUEL WARNING: The energy shock from the war in Iran should push Europe to double down on climate laws, not retreat from them, Dutch Climate Minister Stientje van Veldhoven said.
ANTISEMITIC? NOT US: Belgium’s Prime Minister Bart De Wever has pushed back forcefully against U.S. Ambassador to Belgium Bill White‘s claim that the country is antisemitic.
BRUSSELS CORNER
WEATHER: High 16C, overcast.
PATIO-WATCH: By popular demand, Playbook continues its review of the best political terraces for those wanting to spend a sunny workday afternoon in the bubble. This time, we take you behind the austere façade of the Danish permanent representation on Rue d’Arlon, in the European Quarter. The Danes constructed their veranda ahead of their presidency of the Council of the EU last year, so that Ambassador Carsten Grønbech-Jensen, Deputy Permanent Representative Søren Jacobsen and spokespeople Fabrice Jacobsen and Marie Kjær could host officials and journalists in style. Top tip: Get yourself invited to a meeting there in the early afternoon, before the sun disappears behind the neighboring buildings.
BAKING A DIFFERENCE: Commission staff got a chance to fight poverty with pastries in the Berlaymont cafeteria on Wednesday, as Executive Vice President Roxana Mînzatu launched the EU’s new anti-poverty strategy with a charity bake sale and buffet. The strategy, first reported by POLITICO, has come under fire for not including fresh money for struggling households and instead focusing on encouraging governments to protect vulnerable people. “What is missing is the link with binding resources and binding member states to use the resources they have at their disposal,” said Kahina Rabahi, policy coordinator at the European Anti-Poverty Network. Meanwhile, Mînzatu — a career bureaucrat who earns close to €25,000 a month — has rebranded herself online as #CommissionerOfThePeople …
SPOTTED … at the China Chamber of Commerce to the EU’s (surprisingly glitzy) Cybersecurity Act presser at the University Foundation on Rue d’Egmont: Liu Jiandong, chairman of the CCCEU and Chairman of Bank of China (Europe) S.A.; Cai Wei, chief strategy officer for KPMG China; Liang Linlin, director of communication and research at CCCEU; and Philip Blenkinsop from Reuters.
And … at Day 2 of POLITICO’s AI & Tech Week: Thibaut Kleiner, director for future networks at the European Commission; MEPs Arba Kokalari and Markéta Gregorová; EuroStack founder and chair Cristina Caffarra; Martin Harris-Hess, head of protection of minors online at the European Commission; Flemish Minister for Brussels and Media Cieltje Van Achter …
And more … Mauro Capo, digital sovereignty lead for EMEA at Accenture; Ilias Chantzos, Broadcom’s head of global privacy and EMEA government affairs; Karen Massin, head of government affairs and public policy for EU Institutions at Google; Nextcloud CEO and founder Frank Karlitschek; European Federation of Journalists General Secretary Ricardo Gutiérrez.