Greece

[Parodite]

Just wondering...

Governments are the banks best friends: they are the worlds biggest overspending credit junkies. The government in Greece is one of the sickest credit junkies and the banks love it. More and more money flows to that junkie and European taxpayers are bailing it out, because "Greece" is supposedly small but still too big to fail anyways, a political time bomb that could blow up the EU is the credo and warning. I think it is nonsense and scare mongering; it should be understood as the sales pitch of banks who love to lend more money to the junkies and can sleep relatively rosy because governments and banks will be bailed out one way or other.

It made me wonder why one hears so little about the option of investing EU money directly in business(es)... bypassing entirely the Greek sick junky Government. In other words, investing in Greece "bottom up". It would make so much more sense.

[Endovelico]

Moscow and Athens Forge New Alliance
12:42 08.04.2015(updated 12:55 08.04.2015)

The Greek prime minister's visit to Moscow aimed at improving relations with Russia angers many in Europe – this is what reports in Greek media, covering the visit, boil down to.

Greek Prime Minister Alexis Tsipras is on a two-day visit to Moscow. His visit has made headlines in all Greek media.

"Alexis Tsipras' upcoming visit to Moscow and meeting with Putin has generated much talk, analysis and warnings," iefimerida.gr wrote in a piece titled Tsipras-Putin: Smiles in Moscow, Annoyance in Brussels. "Both sides underline that Moscow and Athens will discuss many issues and there is no shortage of speculations on what Tsipras will ask and what Putin will offer."

The visit could help return Greek produce to the Russian market, according to the media outlet. "Exports are worth 125 million Euros and are of primary importance to the agriculture in northern Greece," iefimerida.gr said.

EU sanctions and Russian food ban, investments, privatization, energy cooperation and the Turkish Stream gas pipeline, tourism, the Ukrainian crisis, Greece-Turkey relations are the main topics on the agenda.

"Putin is preparing a 'gift' for Tsipras," newsit.gr said, adding that it is the first visit of a Greek prime minister to Moscow in five years. According to the media outlet, Tsipras' visit "caused outrage in Brussels" that "thinks Russian president is trying to undermine European stance on sanctions against Moscow."

"Europe is threatened by 'the Russian bear,'" said cretalive.gr, adding that the visit sent partners and creditors, especially in Berlin, into turmoil. Some "on the other side of the Atlantic Ocean also worry that Greece would throw itself into Russia's arms to come up with 'alternative plans' to solve the Greek problem," the Crete media outlet pointed out.

"Tsipras and Putin are forging a new alliance," according to protothema.gr. "All eyes in Europe are on Tsipras and Putin. 'The spring' in Greek-Russian relations gets on Europe's nerves. The visit has created an atmosphere of enthusiasm in Moscow. … It is seen as a breakthrough in the bilateral relations that would revive and strengthen cooperation in a number of areas," the media outlet said.

"The visit also sends important political signals: both countries are discontent with the West. In this context Tsipras wants to develop diverse foreign policy and alliances, while Putin wants to show that he has power and influence to attract attentions of European leaders and countries," protothema.gr said.

"If Europe and Washington wanted to turn Tsipras visit into a landmark political event, then they achieved this," tvxs.gr said, adding that the Greek prime minister is fully aware of the political and economic risks and is comfortable with them.

According to the Etnos newspaper, Russia and Greece open a new chapter in bilateral relations, which are likely to improve following the visit.

http://sputniknews.com/politics/2015040 ... 04512.html

This shows once more how stupid the EU is being. By attempting to humiliate and break Greece - refusing a minor financial help which would allow us to see if Greece can indeed solve its problems in a way of their own choosing - the EU/Germany is putting a lot at risk. This arrogance is going to cost the EU more than it bargained for...

[Parodite]

Endo, it is a blessing in disguise! More countries outside the EU should throw money at Greece. It saves us money here.

[Simple Minded]

Endo, it is a blessing in disguise! More countries outside the EU should throw money at Greece. It saves us money here.

Amen Bro!

I am not my brothers keeper.... but you can be!

Sooner or later, someone will step up and claim fatherhood in the name of buying influence.

[Parodite]

Endo, it is a blessing in disguise! More countries outside the EU should throw money at Greece. It saves us money here.

Amen Bro!

I am not my brothers keeper.... but you can be!

Sooner or later, someone will step up and claim fatherhood in the name of buying influence.

That position is taken by God the Father already.

Of course.. we could try adopt God the Father when nobody wants to pay him taxes anymore and free prayers have all dried up. Remember... we are talking Greece. Lots of Gods once on the pay roll.. now they'r all crumbling. Best is to just blame Germany for the onslaught.

[Alexis]

Endo, it is a blessing in disguise! More countries outside the EU should throw money at Greece. It saves us money here.

Russia won't "throw money" at Greece.

It may exchange:
- cheap economic support - cancelling the embargo on EU agricultural products as far as Greece is concerned
- as well as more expensive but still affordable economic support - short term lending to support Greece during the few months after her default on sovereign debt when she will need it
<against>
- significant political support under the form of non-renewal of EU sanctions against Russia after this summer - which Greece can block very easily since renewal requires unanimity

For the time being, merely being received extensively by Putin and his aides as a valued guest helps Tsipras a lot, because it conveys quite effectively to Eurogroup leaders the reality that Greece may be ready to compromise - it already has - but will not yield total surrender as it is hard pressed to.



If there is a breakup, if Greece defaults on her debt to the Eurogroup, is expelled from the euro while remaining in the EU, make no mistake... Greece will need no long term economic support.

It will have a small public debt, a positive balance of public finances, a competitive currency, while retaining its privileged access to the largest market on this planet, making it an attractive place for foreign investment. Note that the Greek government has starkly mellowed the tone regarding privatization of Pirea harbour with Chinese capital... for China too is part of Athens' "Plan B".

[Endovelico]

Endo, it is a blessing in disguise! More countries outside the EU should throw money at Greece. It saves us money here.

Russia won't "throw money" at Greece.

It may exchange:
- cheap economic support - cancelling the embargo on EU agricultural products as far as Greece is concerned
- as well as more expensive but still affordable economic support - short term lending to support Greece during the few months after her default on sovereign debt when she will need it
<against>
- significant political support under the form of non-renewal of EU sanctions against Russia after this summer - which Greece can block very easily since renewal requires unanimity

For the time being, merely being received extensively by Putin and his aides as a valued guest helps Tsipras a lot, because it conveys quite effectively to Eurogroup leaders the reality that Greece may be ready to compromise - it already has - but will not yield total surrender as it is hard pressed to.



If there is a breakup, if Greece defaults on her debt to the Eurogroup, is expelled from the euro while remaining in the EU, make no mistake... Greece will need no long term economic support.

It will have a small public debt, a positive balance of public finances, a competitive currency, while retaining its privileged access to the largest market on this planet, making it an attractive place for foreign investment. Note that the Greek government has starkly mellowed the tone regarding privatization of Pirea harbour with Chinese capital... for China too is part of Athens' "Plan B".

In general I tend to agree with your views. But I also think that Greece got assurances from Russia that, if necessary, money will be available to carry Greece over the next year or so, time enough for Greece to prove that its alternative will work. The tricky point for Greece will be forcing creditors to accept a rate of interest not higher than 1%. If that can be done - and I think it can - then Greece will be out of the woods as long as its foreign debt does not increase. Eventually it may also be necessary to extend the maturity of all tranches of Greek sovereign debt by five years, renewable. If needed be, unilaterally. As long as creditors get something and no hair-cut is imposed, creditors will have to accept any terms Greece decides to impose on them.

[Heracleum Persicum]

russia-greece-putin-tsipras.si.jpg (97.65 KiB) Viewed 1343 times

Greece hasn't asked Russia for bailout - Putin

.

[Endovelico]

Putin offers cooperation with Greece, but no financial aid
By NATALIYA VASILYEVA

MOSCOW (AP) — Russia's President Vladimir Putin offered Wednesday to increase cooperation with Greece on energy and industry — but stopped short of extending direct financial aid that might complicate Greece's talks with its European creditors.

After a meeting with Greek Prime Minister Alexis Tsipras, Putin dismissed allegations that Moscow is trying to woo Greece in order to split the European Union and weaken its resolve to punish Russia over its actions in Ukraine.

Ahead of the leaders' meeting, there was also speculation that Tsipras might seek aid from Russia to gain a bargaining chip with its European creditors. Greece is in heated negotiations with the creditors, which want it to agree to a list of reforms before they provide it with more rescue loans.

Greece will run out of funds within weeks without more financial aid, and some observers alleged that Tsipras was trying to blackmail the EU by holding out a prospect of a deal with Russia.

But Putin said after the talks that Greece hasn't asked for any aid, though he made it clear that Russia wants to deepen its energy and industrial cooperation with Greece.

He offered to set up agricultural joint ventures with Greece to allow it to resume its foods exports to Russia, which were blocked last year under Russia's ban on Western food in retaliation to the EU sanctions.

Putin said they also discussed a possible Russian investment in energy and other projects.

He suggested extending a prospective gas pipeline to Turkey into Greece, saying that such a move would increase its clout and earn it hundreds of millions of dollars in transit payments. "It will increase Greece's geopolitical status and make it a major transit country," he said.

Putin in December pulled the plug on a gas pipeline project called South Stream that would have run to Bulgaria, citing the EU opposition to the project. Russia announced an intention to build a pipeline to Turkey instead.

Putin also said that Russian companies could be interested in bidding for infrastructure, energy and other assets that Greece could privatize.

Asked if Russia is using Greece as a Trojan horse meant to split Europe's united front on sanctions against Russia, Putin said Moscow is "not trying to convince or coerce anyone to do anything."

Tsipras, likewise, defended Greece's right to develop warmer ties with Russia, saying that "Greece is a sovereign country with a non-negotiable right to pursue a multi-faceted and active foreign policy."

He indicated that his trip should not be interpreted as an affront to the West.

"We fully respect out commitments to all the international institutions," Tsipras said, adding that it doesn't mean that his country should not pursue a foreign policy "to benefit all Greeks."

Tsipras said the heated debate around his Moscow visit makes it look "as if Greece is a debt colony."

"Greece is not a beggar to go around all the countries asking them to help resolve is financial problem," he said. "It's not a Greek problem, it's a European one. And for this European problem, there will be a European solution. "

He reaffirmed his opposition to Western sanctions slapped on Russia last year, and called on the EU to "leave the vicious circle of sanctions behind."

Greek exports to Russia were 357 million euros last year, down 12 percent from a year earlier. Tsipras on Wednesday described the effect from Russia's food embargo as a "sizeable wound" to his country's economy.

A deal to resume Greek food exports could potentially restore millions in profits that Greek farmers used to make on the Russian markets.

Tsipras' government, a coalition of the radical left and nationalist right, was elected in January on promises to repeal the budget-cutting measures imposed as a condition of the bailout. Greece has been dependent on international bailouts worth 240 billion euros ($260 billion) since 2010.

http://news.yahoo.com/russia-hints-lift ... 29781.html

Very good tactics. By putting it this way, Greece and Russia have avoided any EU backlash, but everybody understands that financial aid would be forthcoming if it ever becomes necessary. Meanwhile the agreements signed have undermined the EU attempt at forcing Russia to export gas through the Ukraine, which will make it easier for Russia to strangle the Ukraine if it ever becomes necessary. Russia's influence in Greece will also increase, making it nearly impossible for the EU to keep an anti-Russia strategy, as Greece can veto any sanctions against Russia. Tsipras and Putin are indeed two very intelligent politicians who have outsmarted Germany and its several useful idiots in the EU.

[Simple Minded]

That position is taken by God the Father already.

Of course.. we could try adopt God the Father when nobody wants to pay him taxes anymore and free prayers have all dried up. Remember... we are talking Greece. Lots of Gods once on the pay roll.. now they'r all crumbling. Best is to just blame Germany for the onslaught.

"Even the seemingly immortal gods survive only as long as they are needed by mortal man."

Villains and scapegoats often seem to have longer life spans. Evidence of which "we" need more?

What happened to EU (pronounced as "you" or "eeeewwwweeee"?)?

Is it time for a new god?

Who shalt we turneth to for the mintage of such a divinity? Shirley, not "them!" "They" won't get it right!

I think the secret to keeping your own personal god alive as long as possible is two fold:
1. Don't try to force him upon the "others."
2. Expect negative traits of "the others" to be a lot like the traits oneself possesses that one does not care to admit.

If you agree...... you can be one of "us."

To be honest, I think I might need you to be one of "them" more.

[noddy]

http://encyclopedia.kids.net.au/page/in/Interest_rate

An interest rate is the 'rental' price of money. When a resource is borrowed, the borrower pays the lender for the use of the resource. The interest rate is the price paid for the use of money for a period of time. When money is loaned the lender defers consumption (or use of the money) for a specific period of time. The lender does this in exchange for an increase in consumption. The increase in consumption expected is the real interest rate. The increase in consumption, however, is diluted by the effect of inflation. Thus the actual rate charged (known as the nominal rate[?]) has to take inflation into account. Quite simply the nominal rate is:
rn = rr + i
where:
rn = nominal interest rate
rr = real interest rate
i = projected inflation

to be fair nearly all western governments seem to need remedial primary school training in such things - its just some of the southern european ones need it a bit urgently.

[Nonc Hilaire]

Semantics. Greece will not ask for financial aid but will they accept it? By the great dangling balls of Zeus, I do believe they would.

Business deals and leases for military bases are not financial aid anyway. That's trade.

I would say financial aid to Greece is probably covert, and probably coming from the IMF to keep the parlimentary investigation of odious debt as controlled as possible. And to keep Greece from using the "D" word.

[Parodite]

I think the secret to keeping your own personal god alive as long as possible is two fold:
1. Don't try to force him upon the "others."
2. Expect negative traits of "the others" to be a lot like the traits oneself possesses that one does not care to admit.

If you agree...... you can be one of "us."

To be honest, I think I might need you to be one of "them" more.

My worst case scenario (I'll baptise it "SMs scenario") is that "you" and "me" are just optical delusions created in a Matrix. Go figure.. it might be true!

"Hey neighbor... help me, my house is on fire and I think my daughter is trapped in her room!"

I see the smoke.. the fire.. hear the screaming.. pinch myself and feel it.. yep.. clearly.. ok.. but wonder.. is this really real?

So I answer:

"How do "I" know that "you" are really there? I figured out you might as well be something imaginary, that "you" of yours just resides in "my" own ("own") mind!! And I'm not even sure about "me" either! You sure you need "my" help? All is relative, don't worry! And nothing is forever! Sometimes it is best to just wait and let things happen, that's how things resolve by themselves!"

Maybe in that case Better Call Saul!

[Heracleum Persicum]

.


Not Russia but CHINA will save Greece


Greece is China's gate to Europe


.

[Simple Minded]

I think the secret to keeping your own personal god alive as long as possible is two fold:
1. Don't try to force him upon the "others."
2. Expect negative traits of "the others" to be a lot like the traits oneself possesses that one does not care to admit.

If you agree...... you can be one of "us."

To be honest, I think I might need you to be one of "them" more.

My worst case scenario (I'll baptise it "SMs scenario") is that "you" and "me" are just optical delusions created in a Matrix. Go figure.. it might be true!

"Hey neighbor... help me, my house is on fire and I think my daughter is trapped in her room!"

I see the smoke.. the fire.. hear the screaming.. pinch myself and feel it.. yep.. clearly.. ok.. but wonder.. is this really real?

So I answer:

"How do "I" know that "you" are really there? I figured out you might as well be something imaginary, that "you" of yours just resides in "my" own ("own") mind!! And I'm not even sure about "me" either! You sure you need "my" help? All is relative, don't worry! And nothing is forever! Sometimes it is best to just wait and let things happen, that's how things resolve by themselves!"

Maybe in that case Better Call Saul!

That’s pretty deep…… what if you are part of the matrix, but other people are part of the array?

If you think you are real, but you think you are not what other’s think you are (ie: you think you are a nice normal Northern European, but Endo thinks you are an oppressive uber mensch) does that change your world or Endo’s world?

You can call Saul, but should Christians call Paul?

[Endovelico]

Last time Germany helped Greece it was like this...

4M7l_TdmyeU

Having demanded EUR 278.7 billion from Germany for WWII reparations, which was quickly eschewed by Germany, Greece has decided to up the ante. As KeepTalkingGreece reports, Greek Defense Ministry has published a video with rare footage from the occupation of Greece by the Nazis during the World War II. Among others, the footage shows children suffering from malnutrition and emaciated adults, victims of the Great Famine during the Nazi occupation. The video is designed to provide context for the huge claim and the video voice-over states that the Enforced Loan by the Nazis was to blame for the mass starvation of estimated 300,000 people in Athens alone.

As KeepTalkingGreece reports, the video states:

“The agreement of 14. March 1942 foresaw that Greece paid to its occupiers 1.5 billion drachmas per month, a total of 3.5 billion USD, according to the Dollar value of 1938. The current value of the enforced loan is 54 billion euro without the interest. The agreement had to be implemented retrospectively as of 1.1. 1942.

The agreement was signed by Germany and Italy and Greece was notified later.

Two agreement modifications were added on 2. December 1942, with the effect that Germany had to start repaying the loan by April 1943.

Germany paid back two installments only.

In the Peace Paris Treaties (1947) Greece claimed 14 billion USD in war reparations, but the allies reduced the Greek claim down to 7.1 billion USD.”

According to the video “Greece lost 13% of its population during the WWII. One part was lost in the battlefield, but the largest part due to Famine and the Nazis’ atrocities.”

The Great Famine, the period of mass starvation during the occupation of Greece by the powers of Axis – the fascist Italy and the Nazi Germany – hit especially the urban areas and some islands. The Great Famine was initiated by a large scale plunder by the Axis forces and as soon as the German army entered Athens 0n 27. April 1941. The Nazis confiscated fuel and all means of transportation, including fishing boats, preventing any transfer of food and other supplies and seized strategic industries. They proceeded with the wholesale and food looting , unemployment and hyperinflation skyrocketed, the black market flourished. The price of bread was increased 89-fold from April 1941 to June 1942.

During the winter of 1941-1942, the food supplies system had collapsed, the famine was in its peak and mortality exploded.

According to the records of the German army the mortality rate only in Athens reached 300 deaths per day during December 1941, while the estimates of the Red Cross were much higher, at 400 deaths while in some days the death toll reached 1,000.

Next to Famine, the atrocities committees by the Nazi occupiers against the locals ended up in the “murdering of residents in 89 cities and villages, they burned down more than 1,700 villages and killed many of their residents,” so the Defense Ministry video.

The Defense Ministry concludes its narration noting that “Italy paid its share in WWII reparations but Germany did not.”

Last year, Greece concluded a large scale investigation about its claim on WWII reparations to be paid by Germany. The new Greek government made the issue one of its top priorities. Deputy Finance Minister Dimitris Mardas declared the Greek claim was 278.7 billion euro.

Germany vehemently rejects the Greek claims even thought without legally convincing arguments.

Greece is expected to bring up the issue again and again with whatever tools it has in its hands. Until it decides to solve the issue in the courts.

http://www.zerohedge.com/news/2015-04-1 ... -adults-du

Time for Germany to pay what it owes...

[Heracleum Persicum]

Last time Germany helped Greece it was like this...

4M7l_TdmyeU

Having demanded EUR 278.7 billion from Germany for WWII reparations, which was quickly eschewed by Germany, Greece has decided to up the ante. As KeepTalkingGreece reports, Greek Defense Ministry has published a video with rare footage from the occupation of Greece by the Nazis during the World War II. Among others, the footage shows children suffering from malnutrition and emaciated adults, victims of the Great Famine during the Nazi occupation. The video is designed to provide context for the huge claim and the video voice-over states that the Enforced Loan by the Nazis was to blame for the mass starvation of estimated 300,000 people in Athens alone.

As KeepTalkingGreece reports, the video states:

“The agreement of 14. March 1942 foresaw that Greece paid to its occupiers 1.5 billion drachmas per month, a total of 3.5 billion USD, according to the Dollar value of 1938. The current value of the enforced loan is 54 billion euro without the interest. The agreement had to be implemented retrospectively as of 1.1. 1942.

The agreement was signed by Germany and Italy and Greece was notified later.

Two agreement modifications were added on 2. December 1942, with the effect that Germany had to start repaying the loan by April 1943.

Germany paid back two installments only.

In the Peace Paris Treaties (1947) Greece claimed 14 billion USD in war reparations, but the allies reduced the Greek claim down to 7.1 billion USD.”

According to the video “Greece lost 13% of its population during the WWII. One part was lost in the battlefield, but the largest part due to Famine and the Nazis’ atrocities.”

The Great Famine, the period of mass starvation during the occupation of Greece by the powers of Axis – the fascist Italy and the Nazi Germany – hit especially the urban areas and some islands. The Great Famine was initiated by a large scale plunder by the Axis forces and as soon as the German army entered Athens 0n 27. April 1941. The Nazis confiscated fuel and all means of transportation, including fishing boats, preventing any transfer of food and other supplies and seized strategic industries. They proceeded with the wholesale and food looting , unemployment and hyperinflation skyrocketed, the black market flourished. The price of bread was increased 89-fold from April 1941 to June 1942.

During the winter of 1941-1942, the food supplies system had collapsed, the famine was in its peak and mortality exploded.

According to the records of the German army the mortality rate only in Athens reached 300 deaths per day during December 1941, while the estimates of the Red Cross were much higher, at 400 deaths while in some days the death toll reached 1,000.

Next to Famine, the atrocities committees by the Nazi occupiers against the locals ended up in the “murdering of residents in 89 cities and villages, they burned down more than 1,700 villages and killed many of their residents,” so the Defense Ministry video.

The Defense Ministry concludes its narration noting that “Italy paid its share in WWII reparations but Germany did not.”

Last year, Greece concluded a large scale investigation about its claim on WWII reparations to be paid by Germany. The new Greek government made the issue one of its top priorities. Deputy Finance Minister Dimitris Mardas declared the Greek claim was 278.7 billion euro.

Germany vehemently rejects the Greek claims even thought without legally convincing arguments.

Greece is expected to bring up the issue again and again with whatever tools it has in its hands. Until it decides to solve the issue in the courts.

http://www.zerohedge.com/news/2015-04-1 ... -adults-du

Time for Germany to pay what it owes..

.

ACHTUNG .. Aaaangelaaa , it ain't gettin any cheaper .. pay and get over with it


.

[Parodite]

Unless Greece plans to rob some German banks.. it is up to the Germans if they want to pay anything. What will Greece do if they don't? A lot of Greek theater most probably. Tickets can be bought in Frankfurt.

[Heracleum Persicum]

Unless Greece plans to rob some German banks.. it is up to the Germans if they want to pay anything. What will Greece do if they don't? A lot of Greek theater most probably. Tickets can be bought in Frankfurt.

can this be taken to European court ?

Are war reparation not a legal and enforceable ?

If not, one could invade a country, do as pleased and leave unaffected forever .. where would this lead ?

.

[Endovelico]

Unless Greece plans to rob some German banks.. it is up to the Germans if they want to pay anything. What will Greece do if they don't? A lot of Greek theater most probably. Tickets can be bought in Frankfurt.

Likewise, it is up to the Greeks if they want to pay any of its sovereign debt...

[Endovelico]

Greece: Primary Surplus of €1 billion in March; Internal Borrowing on the way?
Posted by keeptalkinggreece in Economy
http://www.keeptalkinggreece.com/2015/0 ... n-the-way/

An “explosion” in revenues in March 2015 created a Primary Surplus of 1.7 billion euro, Deputy Finance Minister Dimitris Mardas announced on Thursday. “The primary result is a surplus of 1.735 million euro,” The Greek Finance Ministry said in a statement adding that “the Primary Surplus target was 119 million euro, while in the same period of 2014, the PS was 1.541 million euro.”

Revenues in March were €4.23 billion against the target of €3.2 billion. the revenues increase has most probably to do with the arrears the Greek Finance Ministry offered to debtors.

The amount of net state revenues was 12.022 million euro, that is 95 million euro more than the target.

Revenues in March: 4.232 million euro, that is 1.022 million euro more or +33.5% of the target.

State expenditure was at 12.522 million euro, while the target was 14.038 million euro.

In the state expenditure, KTG has spotted also 130 million euro for armament

According to Greek media, the debt settlement initiated by the finance Ministry and increased revenues from EU funds in March contributed to bring the budget back on the rails, after the significant revenue shortfall recorded in the first two months.

Now the Finance Ministry focuses on the performance of the regulation of 100 installments for debts to the state.

Greece races to meet its obligations at home and abroad, while its creditors insist on asphyxiating austerity measures in order to release the last bailout tranche of €7.2 billion.

Internal Borrowing?

In this context, Deputy Ministry Mardas reportedly left open the possibility to require compulsory transfer of available assets of public organizations and other bodies (social insurance funds, utilities companies and others) to the Bank of Greece, in order to be able to meet the state obligations through domestic borrowing (repos).

Those who expect/are looking forward to a Greek default may have to wait a bit longer... Soon there will be no further excuse not to accept the Greek alternative plan.

[Endovelico]

Greece Plans to Sign €5 Bln Deal With Russia on Turkish Stream Pipeline
http://sputniknews.com/business/2015041 ... 54739.html

Greece and Russia plan to sign a bilateral agreement which would grant Athens five billion euros as prepayment for the construction of the Turkish Stream gas pipeline.

The deal is planned to be signed on Tuesday. If the agreement is reached, the Greek budget is expected to receive three to five billion euros as an advance payment for gas transit from Russia to EU countries through the territory of Greece.

The details of the upcoming deal were discussed during Greek Prime Minister Alexis Tsipras’ official visit to Moscow.

In early-December, Russia announced it would abandon the South Stream gas pipeline project. It was planned to be constructed across the Black Sea and supply gas through Bulgaria to Balkan countries, Hungary, Austria and Italy. Russia scrapped the project citing EU opposition as one of the reasons.

Instead of the South Stream project, the decision was made to build a pipeline from Russia to Turkey and create a gas hub at the Greek border for South European customers.

The Turkish Stream pipeline will deliver Russian gas to Turkey and customers in South Europe by means of a transit hub on the Turkish-Greek border. Its annual capacity is expected to be about 63 billion cubic meters.

Now we know how Russia is going to assist Greece without seeming to be doing so...

[Endovelico]

US alarmed by Greek energy alliance with Russia
By Ambrose Evans-Pritchard, in Houston, Texas
http://www.telegraph.co.uk/finance/econ ... ussia.html

The US is scrambling to head off a Greek pipeline deal with Russia, fearing a disastrous change in the strategic balance of the Eastern Mediterranean as Greece’s radical-Left government drifts into the Kremlin’s orbit.

Ernest Moniz, the US Energy Secretary, said his country is pushing for an alternative gas pipeline from Azerbaijan that would help break the stranglehold that Russian state-controlled firm Gazprom has on European markets.

“Diversified supplies are important and we strongly support the ‘Southern Corridor’ to bring Caspian gas to Europe,” he told a group of reporters on the margins of CERAWeek oil and gas forum in Houston.

He insisted that it was vital to uphold “collective energy security” in Europe.

Greece’s foreign minister, Nikos Kotzias, said Gazprom made a “very good offer”, with guaranteed gas supplies for 10 years at good prices. He asked how his Syriza government could justify turning down such an opportunity unless the Western powers could come up with something better.

The once-unlikely “Turkish Stream” deal with Russia has suddenly become a stark reality as President Vladimir Putin seizes an opportunity created by the eurozone’s inept handling of the Greek crisis. Under the terms of the offer, Russia would supply 47bn cubic metres (BCM) of gas to Greece, generate much-needed revenue for the Greek authorities, create 2,000 jobs and turn the country into an energy hub.

Sources in Athens have confirmed to The Telegraph that it could also bring €3bn (£2.2bn) to €5bn in advance payments, greatly alleviating Syriza’s budget strain as it raids local authority funds in a last, desperate attempt to put off default.

The deal was due to be signed on Tuesday, but overtures from Washington caused a delay, much to the irritation of the Russians. The talks were complicated by Greek complaints over Gazprom’s tough line on “take-or-pay” violations by the Greek natural gas company DEPA, whereby it was required to pay for unused gas.

It is now clear that Greece is playing every possible card in an escalating form of four-way brinkmanship, in this case trying to play off Washington against Moscow.

This is a high-risk strategy as it risks irritating Syriza’s increasingly exasperated friends in the White House, all the more so as tensions between Russia and the West flare up again over Ukraine. It also risks pushing Moscow too far.

Mr Kotzias said after a trip to Washington this week that the US is preparing a “counter-offer” and will send an emergency mission to Athens in coming days, led by the State Department’s energy troubleshooter, Amos Hochstein.

Greek premier Alexis Tsipras met Gazprom’s chief executive, Alexey Miller, in Athens earlier this week but few details have emerged. The discussions have a deliberate air of mystery, seemingly intended to keep everybody off balance.

The deal is being handled by Panagiotis Lafazanis, head of Syriza’s Left Platform. “Cooperation between Greece and Russia is of major importance for us. The pipeline issue is among our top priorities. We continue talks and hope that very soon we will reach an agreement that will benefit our country, the economy and people,” he said.

There is no longer any chance of a breakthrough in European Monetary Union (EMU) debt talks with Greece at this Friday’s meeting of finance ministers in Riga, Latvia. However, the eurozone has at least agreed to cut its demand for a primary budget surplus to 1.5pc of GDP this year. This was Syriza’s original demand, but has itself become onerous as the country spirals back into recession.

Mr Tsipras told German Chancellor Angela Merkel that Greece had already “done enough” and called for an interim release of EMU funds for the rest of April.

“Ms Merkel is their last hope; she sees there is more to Greece and Grexit than just the monetary union, there are geopolitical risks at stake,” said Carsten Brzeski, chief economist at ING.

Mr Kotzias said the West seems to have trouble accepting that Greece is a sovereign state like any other. “I have to wonder why, when other countries go to Russia, no one mentions it. But when Greece goes, we’re the Devil. We have normal diplomatic relations like everybody else. Why is everybody pointing fingers at us?” he said.

Critics dismiss such arguments as disingenuous. The EU currently has sanctions against the Russian energy sector, and Mr Kotzias is himself a former Stalinist who backed martial law in Poland and the Soviet Union’s iron-fist policy against Solidarity in the 1980s.

The concern is that Syriza’s flirtation with Moscow goes beyond normal diplomacy and may evolve over time into a strategic shift, causing Nato’s Eastern flank to unravel, and dooming any chance of maintaining a united EU stance against Mr Putin.

The Greeks know this. They seem determined to extract the maximum political leverage from the new Cold War.

Maybe those Americans who say we Europeans are dumb may be right after all... At least as far as European rulers are concerned... Antagonizing and trying to frighten Greece may end up not being a particularly intelligent move...

[Parodite]

I know that cheerleaders love to keep score.. even the smallest of irrelevancies is being presented as a victory or loss over the other. Also in this case I don't see anything bad or good in Greece becoming an energy hub transporting Russian gas. What matters is to finally acknowledge that Greece is bankrupt and that everybody is best served to acknowledge that. They will not and never pay back most of their debt.

[Nonc Hilaire]

I know that cheerleaders love to keep score.. even the smallest of irrelevancies is being presented as a victory or loss over the other. Also in this case I don't see anything bad or good in Greece becoming an energy hub transporting Russian gas. What matters is to finally acknowledge that Greece is bankrupt and that everybody is best served to acknowledge that. They will not and never pay back most of their debt.

The need for Europe to shift east in energy is difficult to dispute. Since Greece is the current focal point, why not use that as a sounding board?

No doubt Syriza and the EU have extensive backchannel connections, and the EU benefits by making Greece the 'bad boy' stalking horse. The bottom line is the EU and Russia need each other, but the EU also needs her big brother the US to defend her honor. I think Syriza is playing its role well, and that it has coordinated well with the EU in this Grecian comedy.