How the world sees Greece
An estimated 25 million foreign tourists will visit Greece in 2015, according to the Association of Greek Tourist Enterprises (SETE). There were 810,000 international arrivals in the first quarter of the year (January-March), a 29% increase over the same period last ...
 |
| READ THE ORIGINAL POST AT en.enikos.gr |
For instance, Mr. Putin agreed to exempt Greece from Russia's ban on food imports from the European Union, which could see Greek agricultural ...
|
| READ THE ORIGINAL POST AT www.csmonitor.com |
The row between Germany and Greece over war reparations has intensified after Athens hit back at Berlin's description of its demand for a staggering ...
|
| READ THE ORIGINAL POST AT www.theguardian.com |
Non-dom tax rule discriminates against ordinary citizens in Britain and abroad, yet through history the rich and their lawyers have scuppered attempts to scrap it When John Major was contemplating scrapping the tax advantages of non-dom status some decades ago, legend has it he changed his mind after a delegation of Greek shipping merchants descended on Downing street, threatening to move the Baltic Exchange shipping market from London to Hamburg.Successive generations of ministers across the political spectrum have tried and failed to close the loophole that allows wealthy individuals with foreign passports to live in the UK, raise their families here and often end their days here, without paying tax on their offshore fortunes.A typical tax exile will have UK residency, a Swiss account, and assets hidden in trusts in UK protectorates Related: Non-dom donors: who has given money to which parties? Non-dom status became so commonplace that British citizens, like HSBC boss Stuart Gulliver, started swapping homelandsThe significance of this cannot be overstated. For over a hundred years the UK has run a two-tier tax system. Continue reading...
|
| READ THE ORIGINAL POST AT www.theguardian.com |
The international media isn't paying much attention to President Obama's trip to Jamaica this week, but maybe they should. The country has become a terrible example of what can happen when creditors, led by the International Monetary Fund (IMF), are able to impose harsh austerity on a trapped nation in an attempt to collect on an uncollectable debt. Since the U.S. Treasury Department decides what the IMF does in the Western Hemisphere, President Obama himself can claim responsibility for this crushing economic failure. The Caribbean island nation, probably best known for dominating the sport of sprinting, has had declining living standards for the past 20 years. Per capita GDP has fallen by an average of 0.3 percent annually over the past two decades, making Jamaica the worst-performing economy in the hemisphere over this long haul. And this measures only average living standards; it is much worse at the bottom, where poverty has more than doubled since 2007, and where unemployment is currently over 14 percent, higher than it stood during the world recession. (More detail can be found here.) But the worst part, and the part where Washington bears the most responsibility, is the country's future prospects. It is currently under an IMF agreement that requires the government to run annual primary budget surpluses -- revenue minus spending, excluding interest payments -- of 7.5 percent. This is the worst such burden in the world. For comparison, Greece was projected to run a primary budget surplus of 3 percent this year, and about 4.5 percent thereafter -- and this is so unsustainable that it is causing a political crisis as well as a widespread belief that it can't possibly happen. How can something so much worse be done to Jamaica? Besides the obvious fact that Jamaica is much poorer and also over 90-percent Black, it mostly boils down to the creditors' cartel, headed by the IMF, which is calling the shots. This used to be the situation faced by most of the Western Hemisphere south of the U.S., but in the past 15 years the vast majority of the region has gotten loose from the IMF and Washington's grip, winning Latin America's "second independence." Jamaica is an extreme example of what happens to those who were not fortunate enough to get away. The fiscal austerity that this cartel has imposed would be enough to throw even the U.S. economy into recession, with budget tightening of 5 percent of GDP between 2012 and 2015. Even at the IMF executive board, which must approve the four-year agreement that the country is operating under, about 25 percent of the directors were worried that excessive austerity could threaten Jamaica's "fragile recovery and social cohesion." By any measure of the country's debt burden, it is unsustainable. The government is currently paying more than 8 percent of GDP in interest -- about twice the level of the most indebted countries in Europe, and one of the worst interest burdens in the world. There have been two debt restructurings in the past three years, led by the IMF. These reduced the interest burden from even more astronomical levels but left it unsustainably high. And they didn't touch the principal, hence the ridiculously high primary budget surplus that is being imposed in order to pay down the debt over the long term, especially with so little economic growth. (This is similar to the problem that Greece faces, only much worse.) Moreover, the debt restructurings of 2010 and 2013 didn't touch the foreign institutions, known as official creditors, which hold a little less than half of the external debt. These are mainly the IMF, the World Bank, and the Inter-American Development Bank (IDB). Although the interest rates on this debt are much lower than on the privately held debt, it is still a sizable debt burden, and the IMF is currently pulling out more money from Jamaica than it is lending. Here is where President Obama could make a big difference if he wanted to allow Jamaica to have a chance at growth. In 2007 the IDB granted billions of dollars of debt cancellation to five countries in the hemisphere: Bolivia, Haiti, Honduras, Guyana, and Nicaragua. The U.S. could help arrange something similar for Jamaica (and other highly indebted Caribbean countries too) with not only the IDB but the other official creditors. Most immediately and much more easily, President Obama could direct the U.S. Treasury Department -- and therefore the IMF -- to put an end to the self-defeating austerity in Jamaica and allow the economy and employment there to grow. Ironically, it is the massive amounts of aid from Venezuela, and also investment from China, that has enabled the Washington-based creditors' cartel to squeeze Jamaica like this. According to the IMF, Venezuela has provided Jamaica aid averaging about 2.5 percent of Jamaica's GDP over the past three years through its Petrocaribe program. This is massive; for comparison, it is much more, relative to the economy, than U.S. federal spending on Medicaid. But to Jamaica's great misfortune, under current arrangements this aid is used to pay off creditors rather than invest in the country's future. A change of policy from President Obama is unlikely without some pressure from Jamaica. No government wants to default on its debt, but there has to be some willingness to say no to a future of endless economic decline. This piece was first published by Al Jazeera America on April 8, 2015. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.
|
| READ THE ORIGINAL POST AT www.huffingtonpost.com |
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). ECB President Mario Draghi denied this week that his institution is trying to blackmail the Greek government. But blackmail is actually an understatement of what the ECB and its European partners are doing to Greece. It has become increasingly clear that they are trying to harm the Greek economy in order to increase pressure on the new Greek government to agree to their demands. The first sign that this was the European authorities' strategy came on February 4 -- just 10 days after the Syriza government was elected -- when the European Central bank cut off the main source of financing for Greek banks. This move was clearly made in bad faith, since there was no bureaucratic or other reason to do this; it was more than three weeks before the deadline for the decision. Predictably, the cut off spurred a huge outflow of capital from the Greek banking system, destabilizing the economy and sending financial markets plummeting. More intimidation followed, including a slightly veiled threat that Emergency Liquidity Assistance - Greece's last credit lifeline from the ECB - could also be cut. The European authorities appeared to be hoping that a "shock and awe" assault on the Greek economy would force the new government to immediately capitulate. It didn't work out that way. The Syriza party had a mandate from the Greek electorate to improve their living standards after six years of Troika-induced depression and more than 25 percent unemployment. The new Greek government backed off its demand for a debt "haircut," and made other compromises, but wasn't going to simply surrender as if there had been no election. The European authorities finally blinked on February 20 and agreed to grant a four-month extension, through June, of the prior "bailout" agreement - the quotes are necessary because most Greeks have not been "bailed out," but rather thrown overboard, having lost more than 25 percent of their national income since 2008. The immediate condition for the February 20th agreement was that the Greek government present a list of reforms that they would undertake, which they did, and which European officials approved. Remaining issues were to be negotiated by April 20th, so that the final installment of IMF money - some 7.2 billion euros - could be released. One might assume that the February 20th agreement would allow these negotiations to take place without European officials causing further immediate and unnecessary damage to the Greek economy. One would be wrong: a gun to the head of Syriza was not enough for these "benefactors;" they wanted fingers in a vise, too. And they got it. The ECB refused to renew the Greek banks' access to its main, cheapest source of credit that they had before the January 25 election. And they refused to lift the cap on the amount that Greek banks could loan to the Greek government - something that they did not do to the previous government. The result has been to create a serious cash flow problem for both the government and the banks. Because of the ECB's credit squeeze, the government could soon find itself in a situation that the 2012 government faced when it delayed payments to hospitals and other contractors in order to make debt payments; and it could even face default at the end of April. The amounts of money involved are quite trivial for the European Central Bank. The government has to come up about 2 billion euros of debt payments in April. The ECB has recently shelled out 26.3 billion euros to buy eurozone governments' bonds as part of its 850 billion euro quantitative easing program over the next year and a half. The ECB's excuses for causing this cash crunch in Greece ring hollow: for example, it argues that banks under the previous government didn't have to have the limit that the ECB is imposing on banks now, because the prior government had committed to a reform program that would fix its finances. But so has this one. It could hardly be more obvious that this is not about money or fiscal sustainability, but about politics. The European authorities want to show who is boss. And also, this is a government that they didn't want. And they really don't want this government to succeed, which would encourage Spanish voters to opt for a democratic alternative (Podemos) later this year. The IMF had projected the economy to grow by 2.9 percent this year, and until the last month or so there was good reason to believe that - as in 2014, after years of gross over-estimates - their forecast would be on target. This growth would likely have kept Syriza's approval ratings high, together with its measures to provide food and electricity to needy households, and other progressive changes. The ECB's actions, by destabilizing the economy and discouraging investment and consumption, will almost certainly slow Greece's recovery, and could also be expected to undermine the government's support. If carried too far, European officials' actions could also inadvertently force Greece out of the euro. It's a dangerous strategy, and they should stop undermining the economic recovery that Greece will need if it is to achieve fiscal sustainability. This article was published by Al Jazeera America on March 30, 2015. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.
|
| READ THE ORIGINAL POST AT www.huffingtonpost.com |
Greek government officials consider that the meeting between Alexis Tsipras and Vladimir Putin in Moscow is of "historical significance". They said that the meeting marks the reestablishment and the restart of Greek-Russian relations. The discussions took place in ...
|
| READ THE ORIGINAL POST AT en.enikos.gr |
Russian President Vladimir Putin gave to Alexis Tsipras a symbolic gift. According to government sources, Putin gave to Tsipras the icon of Sts. Nicholas and Spyridon, which had been stolen from Greece during WWII by a Nazi ...
|
| READ THE ORIGINAL POST AT en.enikos.gr |
MOSCOW (Reuters) - Russian President Vladimir Putin offered Greek Prime Minister Alexis Tsipras moral support and long-term cooperation but no financial aid on Wednesday, leaving Athens to fend for itself in resolving urgent debt problems with Western creditors.
|
| READ THE ORIGINAL POST AT feeds.reuters.com |
MOSCOW--Russian President Vladimir Putin and Greek Prime Minister Alexis Tsipras met at a much-anticipated summit here on Wednesday that ...
|
| READ THE ORIGINAL POST AT www.nasdaq.com |
"Greece is a sovereign country with unalienable rights," Tsipras said after meeting with Putin in Moscow on Wednesday and it disagrees with the logic ...
|
| READ THE ORIGINAL POST AT www.chicagotribune.com |
Russia is considering soon giving Greece funds based on future profits Athens would earn from shipping Russian gas to Europe as part of an ...
|
| READ THE ORIGINAL POST AT www.cnbc.com |
But Greece paid heavily for its bravery. Entire villages were massacred in retaliation for the actions of resistance forces that continued to fight on after ...
|
| READ THE ORIGINAL POST AT www.thedailybeast.com |
Russian President Vladimir Putin says the leader of Greece did not ask for financial aid during an official visit Wednesday. Putin was speaking to ...
|
| READ THE ORIGINAL POST AT www.voanews.com |
Russian President Vladimir Putin endorsed plans by Greece to enhance its role as an energy hub for Europe as the region seeks new sources of ...
|
| READ THE ORIGINAL POST AT www.bloomberg.com |
Turkish fighter jets violated Greek air space between the islands of Lesvos and Limnos in the eastern and northeastern Aegean on Wednesday afternoon, Defense Ministry officials said.
|
| READ THE ORIGINAL POST AT www.ekathimerini.com |
Greek giant Panathinaikos has extended coach Yannis Anastasiou's contract until the summer of 2018, the club said on Tuesday.
|
| READ THE ORIGINAL POST AT www.ekathimerini.com |
Bulgaria will file a complaint to the European Commission about Greece’s decision to impose a 26 percent tax on cross-border transactions between the neighbors, the government in Sofia said on Wednesday.
|
| READ THE ORIGINAL POST AT www.ekathimerini.com |
Austria’s finance minister does not believe an unplanned Greek exit from the eurozone has become more likely in the past month, adding one could discuss a planned withdrawal.
|
| READ THE ORIGINAL POST AT www.ekathimerini.com |
The Culture Ministry on Wednesday published the opening times for museum and archaeological sites over the Orthodox Easter weekend.
|
| READ THE ORIGINAL POST AT www.ekathimerini.com |
Greece’s deputy defence minister says he feels Berlin is showing signs of agreement that compensation should be paid for atrocities committed by Nazi forces during second world war, ‘despite disagreeing with the figure’The row between Germany and Greece over war reparations intensified on Wednesday as Athens hit back at Berlin’s description of its demand for a staggering €278.7bn in compensation as “stupid”.Insisting that Greece’s leftist-led administration had “a historical duty” to seek compensation for atrocities committed by Nazi forces between 1941-44, the politician in charge of the campaign said he welcomed the German reaction. Continue reading...
|
| READ THE ORIGINAL POST AT www.theguardian.com |
Greece has the willingness to continue cooperation in whatever circumstances
|
| READ THE ORIGINAL POST AT tass.ru |
Russia is considering soon giving Greece funds based on future profits Athens could earn from shipping Russian gas to Europe as part of an extension of the Turkish Stream pipeline, a Greek government official said on Wednesday. The extension to Turkish Stream, which has yet to be finalised and would take Russian gas from Turkey to Europe via Greece, might also mean Athens would pay less for ...
|
| READ THE ORIGINAL POST AT uk.news.yahoo.com |
The International Monetary Fund (IMF) has already made 2.5 billion euros in profit out of its loans to Greece since 2010, according to figures released on Wednesday by the UK-based non-governmental organization Jubilee Debt Campaign. In an announcement ahead of Greece’s 462-million-euro payment to the IMF on Thursday, Jubilee Debt Campaign noted that the IMF’s profit will rise to 4.3 billion euros by 2024 if Greece repays the loans in full. “The IMF has been charging an effective interest rate of 3.6% on its loans to Greece. This is far more than the interest rate the institution needs to meet all its costs, currently around 0.9%. If this was the actual interest rate Greece had been paying the IMF since 2010, it would have spent 2.5 billion euros less on payments,” the announcement said. The organization said the IMF had made a total profit of 8.4 billion euros from all its lending since 2010, over a quarter of which was effectively from Greece. Tim Jones, an economist at Jubilee Debt Campaign, noted that the IMF’s loans to Greece “have not only bailed out banks that lent recklessly in the first place, they have actively taken even more money out of the country. This usurious interest adds to the unjust debt forced on the people of Greece.” (source: ana-mpa)
|
| READ THE ORIGINAL POST AT greece.greekreporter.com |
Russian President Vladimir Putin invited Greece to participate in building and operating the Turkish Stream pipeline that could generate hundreds of millions of euros in annual income for the bankrupt Athens government and transform Greece into a vital energy hub in Europe.
|
| READ THE ORIGINAL POST AT ri.search.yahoo.com |
Two items in the March 7 issue of The National Herald, an editorial, “Netanyahu’s Pyrrhic Victory” and an opinion piece, “A National Disgrace: Boehner Undermines the President,” take sharp aim at Israeli Prime Minister Benjamin Netanyahu’s March 3 address to a joint session of Congress. The objections outlined in the National Herald to Netanyahu’s speech […] The post The Iranian Nuclear Threat and Greek-Israeli Relations appeared first on The National Herald.
|
| READ THE ORIGINAL POST AT www.thenationalherald.com |
Russia's President Vladimir Putin offered April 8 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. The post EU Watching, Putin Offers Cooperation With Greece – But No Bailout appeared first on The National Herald.
|
| READ THE ORIGINAL POST AT www.thenationalherald.com |
“This meeting is very important for the Greek-Russian relations, it is the begin of a new spring,” Prime Minister Alexis Tsipras said during the joint press conference with Russian president Valdimir Putin. In fact, Tsipras mentioned the word “spring” three times during his joint appearance with Putin. Both leaders assured […]
|
| READ THE ORIGINAL POST AT www.keeptalkinggreece.com |
Greek Finance Minister Yanis Varoufakis will be in Paris on Thursday in order to participate in an International Conference for economists, organized by the "Institute for New Economic Thinking" in cooperation with the Organization for Economic Co-operation ...
|
| READ THE ORIGINAL POST AT en.enikos.gr |
After Greece coughs up $504 million to make its next debt payment to the International Monetary Fund on Thursday, the country may soon face the ...
|
| READ THE ORIGINAL POST AT foreignpolicy.com |
Russia would be willing to supply loans to Greece for major infrastructure and transport works, Russian President Vladimir Putin has said, as the Greek Prime Minister Alex Tsipras said European sanctions on Russia risked a new Cold War.
|
| READ THE ORIGINAL POST AT www.independent.co.uk |
Britain’s best beauty spots, how Islamic State targets young British girls, survival of the fittest on a Pacific island, and the artistic legacy of the ancient Greeks. Plus, the US remake of Broadchurch with David Tennant – but minus Olivia ColmanMore people are holidaying in the UK, and whether that’s down to Coast or Tony Robinson’s walks or not, there is certainly no shortage of shows promoting verdant glades and dramatic dales over tanning in the Med. Here, Ellie Harrison and Adam Henson share lesser-known beauty spots, as recommended by the public. Tonight’s episode focuses on the “water world” of Wales. The scenery is spectacular, but the script is much more tough going. John Robinson Continue reading...
|
| READ THE ORIGINAL POST AT www.theguardian.com |
Greek alternate minister of National Defense Costas Isichos welcomed the fact that Sigmar Gabriel recognized -even indirectly - that the issue of German WWII debt towards Greece is still open. We urge German authorities to live up ...
|
| READ THE ORIGINAL POST AT en.enikos.gr |
Further debt hurdles ahead as IMF payments fall due
|
| READ THE ORIGINAL POST AT www.ft.com |
Greek leader’s ‘springtime for Russian-Greek relations’ fails to extend to bailout loans from Vladimir Putin, but he warns sanctions could cause ‘new Cold War’The Greek prime minister has called on Europe to end its sanctions against Russia during a visit to Moscow, warning that they could lead to a “new Cold War”. Alexis Tsipras also rebuked other European leaders who had criticised his two-day visit to the Russian capital, after meeting president Vladimir Putin in the Kremlin on Wednesday. Related: Greece puts figure of €279bn on claim for German reparations The counter-sanctions imposed by Russia have inflicted pain on the Greek economy. Continue reading...
|
| READ THE ORIGINAL POST AT www.theguardian.com |
Meeting aimed at boosting leaders’ positions in their confrontations with EU
|
| READ THE ORIGINAL POST AT www.ft.com |
Mr Tsipras's visit, just a day before Greece was due to make a €450m payment to the International Monetary Fund, and his criticism of EU sanctions ...
|
| READ THE ORIGINAL POST AT www.ft.com |
Romania is investigating the country's national lottery and a Greek-controlled firm over illegal slot-machine gambling that prosecutors say has cost the state budget more than 100 million euros ($108 million).
|
| READ THE ORIGINAL POST AT www.ekathimerini.com |
Greek Prime Minister Alexis Tsipras on Wednesday called for an end to the "vicious cycle" of sanctions against Russia over Ukraine, while Russia's President Vladimir Putin denied using Athens to sow discord within the EU.
|
| READ THE ORIGINAL POST AT www.ekathimerini.com |
After much speculation that Greece was almost out of cash, the nation confirmed this week that it had enough money to make its debt payment to the International Monetary Fund on Thursday. Athens is due ...
|
| READ THE ORIGINAL POST AT finance.yahoo.com |
Athens has not officially asked Moscow for financial help – but Russia is considering an end to its embargo on agricultural products from Greece, President Vladimir Putin announced on Wednesday (April 8) following a closely-watched meeting with the Greek prime minister. The news comes as Greece continues its difficult negotiations with international creditors over the […]
|
| READ THE ORIGINAL POST AT euranetplus-inside.eu |
Growing up with a Catholic father and Greek-Orthodox mother, I just assumed everyone celebrated two Easters. You can only imagine my confusion ...
|
| READ THE ORIGINAL POST AT www.huffingtonpost.com |
German vice chancellor Sigmar Gabriel, pictured in the Bundestag with chancellor Angela Merkel, said the Greek war claim was 'stupid'. Photograph: ...
|
| READ THE ORIGINAL POST AT www.theguardian.com |
Leaders say no Greek request for Russian aid. * Talks focus on energy projects, pipeline extension. * Warmer Russian-Greek ties cause concern in ...
|
| READ THE ORIGINAL POST AT in.reuters.com |
Greece is interested in building a gas pipeline stretch from the border with Turkey as part of the Moscow-proposed Turkish Stream gas project
|
| READ THE ORIGINAL POST AT tass.ru |
MOSCOW, April 8. /TASS/. It is impossible to imagine the world’s new security architecture without Russia, Greek Prime Minister Alexis Tsipras said on Wednesday after talks with Russian President Vladimir Putin.
|
| READ THE ORIGINAL POST AT tass.ru |
If Greece decides to join the Turkish Stream gas pipeline project, it will raise the country's geopolitical status
|
| READ THE ORIGINAL POST AT tass.ru |
Greek prime minister Alexis Tsipras won pledges of closer co-operation from Russia at talks in the Kremlin on Wednesday. President Vladimir Putin said afterwards that Athens had not asked for money to ease the Greek debt crisis. The visit caused concern in ...
|
| READ THE ORIGINAL POST AT www.irishtimes.com |
Acclaimed American economist, Professor of Economics and International Affairs at Princeton University and New York Times columnist Paul Krugman is scheduled to visit Athens on April 17 to deliver a speech entitled “Europe: What next?” as part of the “Megaron Plus” events taking place in the Greek capital’s Concert Hall. The 2008 Nobel Prize winner is invited in Athens by ADGI-INERPOST. “America’s most prominent political columnist,” as characterized by The Washington Monthly magazine is going to focus on Europe’s future and its economic development through the crisis and the austerity policies. After the 2008 economic crisis, Krugman was a leading critic of austerity. Krugman argued that leading economies were stuck in a classic liquidity trap and governments could print money and run large budget deficits without causing a rise in interest rates or inflation. His model of liquidity trap broadly predicted the low inflation, low growth recovery. Krugman became a household name in part because of his ability to popularize and simplify complex economic problems. Krugman is also quite direct, openly criticizing politicians and other economists. Who is Paul Krugman Krugman was born in Albany, New York, on February 28, 1953, and grew up in Nassau county. He went to John F. Kennedy High School in Bellmore, before graduating with a B.A. summa cum laude in economics from Yale University in 1974. Krugman earned a PhD at Massachusetts Institute of Technology (MIT) in 1977, under the guidance of his thesis adviser Rudi Dornbusch. In the late 1970s, Krugman began working on a monopolistically competitive trade model. He later explained the importance of consumers’ preference for diversity, which explains the survival of higher cost goods that have a distinctive brand. This field of New Trade Theory became one of his areas of expertise and would form the basis for his Nobel Prize. Krugman is generally supportive of free trade and globalization. His work on New Trade Theory slowly evolved into New Economic Geography (NEG). His seminal 1991 paper on NEG in the Journal of Political Economy became one of the most cited economic works in this field. Krugman has worked at various top universities, such as MIT, London School of Economics and Princeton University. In 1982, he spent a year working for the Council of Economic Advisers under the Presidency of Ronald Reagan. Krugman views himself as a Keynesian economist. He has also promoted the IS-LM model invented by John Hicks. Although identified with elements of new-Keynesianism, he is critical of the complexity and rigidity of some of the New Keynesian models.
|
| READ THE ORIGINAL POST AT greece.greekreporter.com |
The Greek government has finally signed Russian plans for a new gas pipeline that will bypass war-torn Ukraine and reach central Europe through an alternative route, “euobserver” reported. Yesterday in Bucharest, Greek Foreign Minister Nikos Kotzias has signed a declaration of intent regarding the Turkish Stream pipeline project, along with counterparts from Turkey, FYROM, Serbia and Hungary. The project was announced on December 1, 2014, in Ankara by Russian President Vladimir Putin and is designed to replace the South Stream project. In its written statement, the Greek Foreign Ministry expressed its “support to create a commercially viable route option and source diversification for delivering natural gas from the Republic of Turkey through our countries’ territories to the countries of Central and South Eastern Europe.” The Foreign Ministers that have signed the agreement urged the European Union to stand on their side and help fund the necessary infrastructure, as the pipeline will “make a significant contribution to the overall energy security of Europe.” The ambitious pipeline project will start at the Russkaya compressor station near Anapa in southwest Russia, while the landing point in Turkey has not been negotiated yet. According to Gazprom, the works will immediately start when the landing point in Turkey is decided and for that reason two pipe-laying ships are already located in the Black Sea. The pipeline’s planned capacity of natural gas is 63 billion cubic meters per year. Turkey would take about 14 billion cubic metres per annum and the rest will be distributed to Europe.
|
| READ THE ORIGINAL POST AT greece.greekreporter.com |