Greek Debt and the Pipeline

While the European Commission are trying to reach agreement with Greece over the repayment of its debt and Greece is trying to resist European calls for more austerity measures which will inflict more hardship on the Greek people, it is interesting to note that the only positive news for Greece which will create jobs and help the nation towards prosperity comes in the form of a Greek deal with Russia over energy.

Russia is proposing to build a gas pipeline from the Greek Turkish border into Greece to enable Russian gas to pass into Europe without the need to pass through the Ukraine. The proposal will create many jobs – some 20,000 are speculated by these speculations are always exaggerated- and Greece will be able to charge rent or transit fees on gas passing through. It is a long term project, and one opposed by the USA who prefer Greece to join a different proposed gas pipeline from Azerbaijan via Turkey, Greece, Albania and the Adriatic Sea.

So far the troika of which Greeks complain  (the European Commission, the European Central Bank, and the International Monetary Fund) have concentrated on getting money out of Greece rather than putting work into Greece. If you want a broken creditor to pay his debts you have got to fix him so that he can work to earn off the debt and you must also take a hot for lending the money to a bad debtor in the first place.

One Response

  1. It looks like between now and 2057 Greece will be paying off debts at the rate of circa 10,000,000,000 Euros per annum.

    That’s a lot of ouzo, stiniyamas!

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