Economy
Greece’s debt problem

flickr/stefanogabrieli
Greece is still in big troubles and continues to be the major focus of interest in euro-zone. In this situation Russia hopes to find benefits. The minister of finance Anton Siluanov, as CNBC wrote, claims that the Russian government will certainly consider to assist Greece financially if they receive such a request. Today’s sanctions, for sure, has made matters worse. It is a well-known fact that Greece is in euro-zone, and it has the advantage of trading relationships with US. So, Greece wants to redeem its position, that is why there was a meeting with European officials in the last week of March, 2015.
Difficult situations in Greece arrived with the debt and soon it may run out of money. Bloomberg’s Joe Weisnethal mentioned five charts that explains Greece’s ongoing financial crisis. His report highlights high rate of unemployment, high debt as a percentage of Greece’s GDP, and struggling private institutions. European Government may take the biggest hit. Now there is an opportunity for Greece, the negotiations in April are expected to be very interesting.
On March 29, 2015, Greek Prime Minister Alexis Tsipras held a cabinet meeting discussing Germany in the Greek parliament in Athens. Germany added some scepticism that they wouldn’t give Greece any financial aid until it has a detailed list of reforms. All actions of the government in Greece should be directed to save funds before they run out of cash. German finance ministry spokesman, Martin Jaeger, said on Monday: “We need to wait for the Greek side to present us with a comprehensive list of reform measures which is suitable for discussion with the institutions and then later in the Euro zone.” (Read more: Reuters – Greek PM says wants ‘honest compromise’ but not at any cost)
Greece hopefully is going to turn to Russia, reported RT on the 1st of April. There was a visit of Industrial Reform minister Panagiotis Lafazanis and Syriza MP Thanasis Petrakos. “This visit is very important for Greece. We intend to deepen our relationship with Russia in the energy sector and thereby hope to gain a significant advantage,” said Petrakos as quoted by Spiegel Online. The Greek delegation had a meeting with Russian Energy Minister Aleksandr Novak and the head of Gazprom Aleksey Miller. (Read more: RT – Greece to turn to Russia for economic help)
Gazprom currently controls almost 70 percent of the Greek gas market. Greek Prime Minister Alexis Tsipras is planning a visit to Russia on April 8 to meet President Putin. Meanwhile, the European Union is concerned about the possibility of a rapprochement between Moscow and Athens, as Greece has said it could seek financial support from Russia and China if it is denied aid from the European Union.
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