Greek Prime Minister Alexis Tsipras and Gazprom CEO Alexei Miller agreed late last month on a “roadmap” for a multi-billion dollar pipeline project to transport gas from Russia to Greece. The long-term plan is a further sign of warming geopolitical ties between Athens and Moscow
Gazprom and Greece are both in deep trouble with the European Commission, which is one of the reasons that they were making eyes at each other in Athens on Tuesday as they worked to undermine EU energy solidarity by addressing the issue of building a pipeline across the Balkans.
Interest rates on five-year Greek bonds have risen to record highs and are at levels that signal expectations of a debt default or writedown. The head of the Eurogroup of finance ministers has said Greece is running out of money.
It is exactly five years since Greece joined the European Support Mechanism with the close cooperation of the International Monetary Fund (IMF). At that time, the key and critical financial data were the following: GDP amounted to 222.151 billions at the end of 2010.
US President Barack Obama called on Greece to carry out reforms in order to secure further bailout from its international creditors. Obama urged Greece to initiate reforms, collect taxes, reduce bureaucracy and introduce more flexible labour practices
Russia was among Greece’s leading trade partners before sanctions on its energy industry and Greece’s own economic woes dropped trade between the two countries by 40%.
There is a tense standoff right now between the Greek government and the European authorities – sometimes known as the Troika because it includes the European Commission, the European Central Bank (ECB), and the International Monetary Fund (IMF).