Marcus Bensasson
Nikos Chrysoloras
June 6, 2016 — 5:00 AM EEST
Bloomberg
From street protests and collapsing governments to eleventh-hour deals and financial lifelines, Greece has gotten used to lurching from crisis to crisis during its endless economic meltdown.
Prime Minister Alexis Tsipras is relying on it being different this time after finance ministers in the euro region agreed to disburse more funds and the European Central Bank on Thursday said it would be willing to let banks increase their access to its cheaper credit. Even Eurogroup head Jeroen Dijsselbloem, the face of Europe’s standoff with Tsipras last year, said “an important corner” had been turned.
Tuesday, June 7, 2016
Saturday, June 4, 2016
French Prime Minister Expresses Support for Greece
France is interested in investing in Greece in areas of energy, transportation and tourism
The Wall Street Journal
By NEKTARIA STAMOULI
June 3, 2016 11:52 a.m. ET
0 COMMENTS
ATHENS—French Prime Minister Manuel Valls on Friday expressed his country’s interest in investing in Greece and promised the crisis-battered country more support with reforms needed to overcome the financial crisis, as well as help in dealing with the refugee crisis.
“A eurozone without Greece, a Schengen Treaty without Greece, represents another view of Europe that we do not share,” Mr. Valls said during a press conference with his Greek counterpart Alexis Tsipras.
He said he was confident the next bailout funds for Greece would be disbursed soon and added that he hoped a solution for Greece’s debt problems would be found.
The Wall Street Journal
By NEKTARIA STAMOULI
June 3, 2016 11:52 a.m. ET
0 COMMENTS
ATHENS—French Prime Minister Manuel Valls on Friday expressed his country’s interest in investing in Greece and promised the crisis-battered country more support with reforms needed to overcome the financial crisis, as well as help in dealing with the refugee crisis.
“A eurozone without Greece, a Schengen Treaty without Greece, represents another view of Europe that we do not share,” Mr. Valls said during a press conference with his Greek counterpart Alexis Tsipras.
He said he was confident the next bailout funds for Greece would be disbursed soon and added that he hoped a solution for Greece’s debt problems would be found.
Why Greece’s Syriza Party Is Embracing Austerity Now
COMMENTARY by Sotirios Zartaloudis JUNE 3, 2016, 1:00 AM EDT
Fortune
Question is, how long will it last?
For more than five years, Greece has been dominating the global news, with fears of default and an exit from the Eurozone or even the European Union (EU). While experts predict political and financial disaster, I would say Greece appears to be returning to some level of normalcy, although it still has a long way to go before it returns to economic and political stability.
Monday, May 30, 2016
Vague Promises of Debt Relief for Greece
By THE EDITORIAL BOARDMAY 30, 2016
The New York Times
European leaders congratulated themselves last week for reaching an agreement to provide more loans to Greece and eventually ease the terms of the country’s huge debt. But there is little to celebrate.
Greece is bankrupt in all but name. The country has a debt of more than 300 billion euros ($333 billion), or about 180 percent of its gross domestic product, a sum it cannot hope to repay in full.
Most of that money is owed to Germany, France, Italy and other countries in the eurozone. After an 11-hour meeting last week, the eurozone finance ministers said that they would lend another 7.5 billion euros to Greece next month to help it pay off debt and grant it some relief, possibly including lower interest rates and extended payment periods, but not until mid-2018.
The New York Times
European leaders congratulated themselves last week for reaching an agreement to provide more loans to Greece and eventually ease the terms of the country’s huge debt. But there is little to celebrate.
Greece is bankrupt in all but name. The country has a debt of more than 300 billion euros ($333 billion), or about 180 percent of its gross domestic product, a sum it cannot hope to repay in full.
Most of that money is owed to Germany, France, Italy and other countries in the eurozone. After an 11-hour meeting last week, the eurozone finance ministers said that they would lend another 7.5 billion euros to Greece next month to help it pay off debt and grant it some relief, possibly including lower interest rates and extended payment periods, but not until mid-2018.
Friday, May 27, 2016
Είμαστε και φαινόμαστε
Κυρίτσης Γιώργος|26.05.2016
Εφημερίδα Αυγή
"...Γι' αυτό ακριβώς ψηφίστηκε τον Σεπτέμβριο, για να μετακυλήσει όσο μπορεί τα βάρη στους μενουμευρωπαίους,..."
Του Γιώργου Κυρίτση
Thursday, May 26, 2016
Greece’s Inconclusive Debt Deal
Tuesday’s accord, rather being than a decisive break in Athens’ crisis, puts off thorny political decisions
The Wall Street Journal
By SIMON NIXON
May 25, 2016 5:12 p.m. ET
1 COMMENTS
Greece has a new debt deal—but then it was always going to get a new debt deal.
Time and again, the eurozone has demonstrated that it is bound together by impressive reservoirs of political will: not only the will of debtors such as the Greeks, for whom the euro is both a trusted store of value and a symbol of their common European destiny, but also the will of creditors, who have been unwilling to risk the great costs and inevitable political upheavals of a eurozone breakup. Indeed, the determination to reach a deal was even greater at a time the breakup of the European Union itself is on the table in the U.K.’s Brexit referendum.
The Wall Street Journal
By SIMON NIXON
May 25, 2016 5:12 p.m. ET
1 COMMENTS
Greece has a new debt deal—but then it was always going to get a new debt deal.
Time and again, the eurozone has demonstrated that it is bound together by impressive reservoirs of political will: not only the will of debtors such as the Greeks, for whom the euro is both a trusted store of value and a symbol of their common European destiny, but also the will of creditors, who have been unwilling to risk the great costs and inevitable political upheavals of a eurozone breakup. Indeed, the determination to reach a deal was even greater at a time the breakup of the European Union itself is on the table in the U.K.’s Brexit referendum.
Wednesday, May 25, 2016
Greece Begins Moving Refugees Out of Idomeni Camp
By NIKI KITSANTONISMAY 24, 2016
The New York Times
ATHENS — The Greek authorities began moving hundreds of refugees on Tuesday out of a sprawling makeshift camp near the village of Idomeni, on the border with Macedonia, a crucial point on the so-called Balkan trail for migrants that has been closed off for months.
A police operation started around 6 a.m., and by early evening more than 2,000 refugees had been taken by bus to state-run encampments near Thessaloniki, the second-largest city in Greece.
Riot police officers were stationed outside the area, as there were concerns that the operation would lead to unrest. But a spokesman for the Greek police, Lt. Col. Theodoros Chronopoulos, said the evacuation of the camp, which had 20,000 migrants at its peak in March and until Tuesday morning about 8,000, most of them Syrians, was carried out “completely smoothly” and would continue through the end of the week.
The New York Times
ATHENS — The Greek authorities began moving hundreds of refugees on Tuesday out of a sprawling makeshift camp near the village of Idomeni, on the border with Macedonia, a crucial point on the so-called Balkan trail for migrants that has been closed off for months.
A police operation started around 6 a.m., and by early evening more than 2,000 refugees had been taken by bus to state-run encampments near Thessaloniki, the second-largest city in Greece.
Riot police officers were stationed outside the area, as there were concerns that the operation would lead to unrest. But a spokesman for the Greek police, Lt. Col. Theodoros Chronopoulos, said the evacuation of the camp, which had 20,000 migrants at its peak in March and until Tuesday morning about 8,000, most of them Syrians, was carried out “completely smoothly” and would continue through the end of the week.
Global stocks climb as Brexit, Grexit risks ease
Wed May 25, 2016 5:26am EDT
LONDON | BY PATRICK GRAHAM
Reuters
Easing concerns over several major global risks helped stock markets rise robustly for a second day on Wednesday, underpinned by gains in oil and metals prices and data showing the U.S. economy can deal with a hike in interest rates.
Traders say several polls showing Britain will vote strongly to stay in the European Union in a referendum in June have done more than just support sterling, up 5 percent in trade-weighted terms from lows hit in April.
A new debt deal for Greece also looked to have headed off the risk of another round of uncertainty over its finances and even its future in the euro zone after a funding crisis a year ago, pushing European stock markets higher across the board.
LONDON | BY PATRICK GRAHAM
Reuters
Easing concerns over several major global risks helped stock markets rise robustly for a second day on Wednesday, underpinned by gains in oil and metals prices and data showing the U.S. economy can deal with a hike in interest rates.
Traders say several polls showing Britain will vote strongly to stay in the European Union in a referendum in June have done more than just support sterling, up 5 percent in trade-weighted terms from lows hit in April.
A new debt deal for Greece also looked to have headed off the risk of another round of uncertainty over its finances and even its future in the euro zone after a funding crisis a year ago, pushing European stock markets higher across the board.
Greece to Get $11.5 Billion Payout as Debt Relief Weighed
Ian Wishart
Corina Ruhe
Mark Deen
May 25, 2016 — 3:52 AM EEST Updated on May 25, 2016
Bloomberg
Greece’s creditors reached an agreement that will allow the release of 10.3 billion euros ($11.5 billion) of aid and committed to ease the nation’s 321 billion euros of debt.
At a meeting of euro-area finance ministers in Brussels Tuesday, the International Monetary Fund stood down from its hard-line stance after delaying the payout, having insisted that Greece’s program didn’t offer a path to fiscal sustainability.
I.M.F. Takes Firmer Stand Favoring Relief for Greek Debt
By JAMES KANTERMAY 17, 2016
The New York Times
BRUSSELS — The International Monetary Fund is increasing demands for Greek debt relief, setting up another potential standoff with creditors over the country’s bailout, and threatening to create more political and economic uncertainty at an already tumultuous time for Europe.
This I.M.F.’s position opens the next act in the long-running Greek debt crisis, casting the fund against Germany and many of the other eurozone creditors.
The fund is playing the role of the financial police, adamant that Greece will never return to growth if its debt burden is not sustainable. And Germany is the political pragmatist, leaning on Greece to stick with its austerity commitments lest it set a bad precedent for future bailouts and provoke unrest at home.
The New York Times
BRUSSELS — The International Monetary Fund is increasing demands for Greek debt relief, setting up another potential standoff with creditors over the country’s bailout, and threatening to create more political and economic uncertainty at an already tumultuous time for Europe.
This I.M.F.’s position opens the next act in the long-running Greek debt crisis, casting the fund against Germany and many of the other eurozone creditors.
The fund is playing the role of the financial police, adamant that Greece will never return to growth if its debt burden is not sustainable. And Germany is the political pragmatist, leaning on Greece to stick with its austerity commitments lest it set a bad precedent for future bailouts and provoke unrest at home.
E.U. Ministers Agree to Extend Another Lifeline to Greece
By JAMES KANTERMAY 24, 2016
The New York Times
BRUSSELS — Fearing a renewed crisis in Greece that could set off economic shock waves, policy makers across three continents have scrambled to strike a deal to ease the country’s debt burden. There have been meetings in the United States, a diplomatic blitz in Europe and talks in Japan.
In an agreement announced early Wednesday, Greece won additional pledges of debt relief, but nothing substantial until 2018 at the earliest, and only then if it continues to carry out painful reforms. Even so, the accord could help ease concerns about another flare-up of a crisis in Greece as the region deals with a mass influx of migrants and a continuing terrorist threat.
The New York Times
BRUSSELS — Fearing a renewed crisis in Greece that could set off economic shock waves, policy makers across three continents have scrambled to strike a deal to ease the country’s debt burden. There have been meetings in the United States, a diplomatic blitz in Europe and talks in Japan.
In an agreement announced early Wednesday, Greece won additional pledges of debt relief, but nothing substantial until 2018 at the earliest, and only then if it continues to carry out painful reforms. Even so, the accord could help ease concerns about another flare-up of a crisis in Greece as the region deals with a mass influx of migrants and a continuing terrorist threat.
Tuesday, May 24, 2016
Greece Needs Debt Relief More Than Ever
COMMENTARY by Remy Davison
MAY 24, 2016, 1:00 AM
Fortune
It would be short-sighted to challenge aid.
As Eurozone finance ministers on Tuesday prepare to gather for a meeting to discuss Greece’s bailout, some officials are once again holding out on approving much needed funds to help the financially-troubled country pay off its debts. Regardless of their reasons, the idea of limiting aid to Greece is different today and shouldn’t even be an issue, given how increasingly vulnerable Europe’s economy has become.
Greece Begins Moving Refugees Out of Idomeni Camp
By NIKI KITSANTONISMAY 24, 2016
The New York Times
ATHENS — The Greek authorities began moving hundreds of refugees on Tuesday out of a sprawling makeshift camp near the village of Idomeni, on the border with Macedonia, a crucial point on the so-called Balkan trail for migrants that has been closed off for months.
A police operation started around 6 a.m., with officers, some in uniform and others in plain clothes, leading 340 people onto six buses bound for state-run encampments near Thessaloniki, the second-largest city in Greece.
Riot police officers were stationed outside the area, as there were concerns that the operation would lead to unrest. But a spokesman for the Greek police, Lt. Col. Theodoros Chronopoulos, said the evacuation of the camp, which had 20,000 migrants at its peak in March and until Tuesday morning about 8,000, most of them Syrians, was carried out “completely smoothly” and would continue though the end of the week.
The New York Times
ATHENS — The Greek authorities began moving hundreds of refugees on Tuesday out of a sprawling makeshift camp near the village of Idomeni, on the border with Macedonia, a crucial point on the so-called Balkan trail for migrants that has been closed off for months.
A police operation started around 6 a.m., with officers, some in uniform and others in plain clothes, leading 340 people onto six buses bound for state-run encampments near Thessaloniki, the second-largest city in Greece.
Riot police officers were stationed outside the area, as there were concerns that the operation would lead to unrest. But a spokesman for the Greek police, Lt. Col. Theodoros Chronopoulos, said the evacuation of the camp, which had 20,000 migrants at its peak in March and until Tuesday morning about 8,000, most of them Syrians, was carried out “completely smoothly” and would continue though the end of the week.
Monday, May 23, 2016
Euro Area Said to Plan $12 Billion for Greece After Review
Ian Wishart
Eleni Chrepa
Bloomberg
May 23, 2016 — 11:39 AM EEST Updated on May 23, 2016 — 1:23 PM EEST
Greece’s European creditors are preparing to disburse 11 billion euros ($12.3 billion) once the nation successfully completes a review of its bailout program.
The funds will be used to clear arrears and to cover debt servicing needs, including a 2.3 billion-euro payment scheduled to the European Central Bank in July, according to a draft of the European Commission’s compliance report for the Greek economic program seen by Bloomberg News.
Eleni Chrepa
Bloomberg
May 23, 2016 — 11:39 AM EEST Updated on May 23, 2016 — 1:23 PM EEST
Greece’s European creditors are preparing to disburse 11 billion euros ($12.3 billion) once the nation successfully completes a review of its bailout program.
The funds will be used to clear arrears and to cover debt servicing needs, including a 2.3 billion-euro payment scheduled to the European Central Bank in July, according to a draft of the European Commission’s compliance report for the Greek economic program seen by Bloomberg News.
Greece bailout: MPs approve new cuts to unblock bailout funds
22 May 2016
BBC
The Greek parliament has passed new budget cuts and tax rises two days before a eurozone meeting expected to unblock much-needed bailout funds.
The government led by the leftist Syriza coalition passed the widely unpopular bill by 153 votes to 145.
Greece agreed to a third bailout worth €86bn (£67bn; $96bn) last year.
Demonstrators gathered outside parliament on Sunday to protest against the new legislation. Eurozone finance ministers meet in Brussels on Tuesday.
22 May 2016
BBC
The Greek parliament has passed new budget cuts and tax rises two days before a eurozone meeting expected to unblock much-needed bailout funds.
The government led by the leftist Syriza coalition passed the widely unpopular bill by 153 votes to 145.
Greece agreed to a third bailout worth €86bn (£67bn; $96bn) last year.
Demonstrators gathered outside parliament on Sunday to protest against the new legislation. Eurozone finance ministers meet in Brussels on Tuesday.
Friday, May 20, 2016
15 Books, Hemingway thought were worth reading
The Blue Hotel (public library) by Stephen Crane
The Open Boat (public library) by Stephen Crane
Madame Bovary (free ebook | public library) by Gustave Flaubert
Dubliners (public library) by James Joyce
The Red and the Black (public library) by Stendhal
Of Human Bondage (free ebook | public library) by W. Somerset Maugham
Anna Karenina (free ebook | public library) by Leo Tolstoy
War and Peace (free ebook | public library) by Leo Tolstoy
Buddenbrooks (public library) by Thomas Mann
Hail and Farewell (public library) by George Moore
The Brothers Karamazov (public library) by Fyodor Dostoyevsky
The Oxford Book of English Verse (public library)
The Enormous Room (public library) by E.E. Cummings
Wuthering Heights (free ebook | public library) by Emily Brontë
Far Away and Long Ago (free ebook | public library) by W.H. Hudson
The American (free ebook | public library) by Henry James
The Open Boat (public library) by Stephen Crane
Madame Bovary (free ebook | public library) by Gustave Flaubert
Dubliners (public library) by James Joyce
The Red and the Black (public library) by Stendhal
Of Human Bondage (free ebook | public library) by W. Somerset Maugham
Anna Karenina (free ebook | public library) by Leo Tolstoy
War and Peace (free ebook | public library) by Leo Tolstoy
Buddenbrooks (public library) by Thomas Mann
Hail and Farewell (public library) by George Moore
The Brothers Karamazov (public library) by Fyodor Dostoyevsky
The Oxford Book of English Verse (public library)
The Enormous Room (public library) by E.E. Cummings
Wuthering Heights (free ebook | public library) by Emily Brontë
Far Away and Long Ago (free ebook | public library) by W.H. Hudson
The American (free ebook | public library) by Henry James
Thursday, May 19, 2016
Now or later? Euro zone, IMF at odds over when Greece should get debt relief
Thu May 19, 2016 6:50am EDT Related: GREECE
BRUSSELS | BY JAN STRUPCZEWSKI
Reuters
The euro zone and International Monetary are struggling with Greece's debt crisis - not with Athens this time, but with each other over when to give Greece a break on its future massive debt repayments.
The euro zone has begun talks on debt relief for Greece but wants to postpone the final decision until 2018; the IMF insists Greek debt repayment is unsustainable and investors need clarity now.
Euro zone finance ministers are likely to forge a tentative plan when they meet next Tuesday - what in Brussels-speak is known as a political agreement. But their offer is unlikely to be anything but highly conditional, euro zone officials preparing the talks said.
BRUSSELS | BY JAN STRUPCZEWSKI
Reuters
The euro zone and International Monetary are struggling with Greece's debt crisis - not with Athens this time, but with each other over when to give Greece a break on its future massive debt repayments.
The euro zone has begun talks on debt relief for Greece but wants to postpone the final decision until 2018; the IMF insists Greek debt repayment is unsustainable and investors need clarity now.
Euro zone finance ministers are likely to forge a tentative plan when they meet next Tuesday - what in Brussels-speak is known as a political agreement. But their offer is unlikely to be anything but highly conditional, euro zone officials preparing the talks said.
Tuesday, May 17, 2016
Forecast Bright for Greek Tourism, Despite Refugee Crisis
Voice of America
http://www.voanews.com/content/greece-tourism/3332701.html
Margaret Besheer
May 16, 2016 3:10 PM
Despite the ongoing migrant and refugee crisis, Greece expects to welcome a record 27 million tourists this year.
“I think it’s an achievement given the fact that we have capital controls, we still have the refugee and migration crisis - which make tourists think twice if they want to visit Lesbos or some other places that are migration hubs,” the government’s top spokesperson Lefteris Kretsos told reporters on Monday.
“Greece is a brand name in tourism. It was always, and I think it will always be,” he added.
http://www.voanews.com/content/greece-tourism/3332701.html
Margaret Besheer
May 16, 2016 3:10 PM
Despite the ongoing migrant and refugee crisis, Greece expects to welcome a record 27 million tourists this year.
“I think it’s an achievement given the fact that we have capital controls, we still have the refugee and migration crisis - which make tourists think twice if they want to visit Lesbos or some other places that are migration hubs,” the government’s top spokesperson Lefteris Kretsos told reporters on Monday.
“Greece is a brand name in tourism. It was always, and I think it will always be,” he added.
Tsipras inaugurates TAP gas pipeline in Greece
By Nasos Koukakis, special to CNBC
17-5-2016
CNBC.com
ATHENS- Greek Prime Minister Alexis Tsipras will inaugurate the start of construction for the TransAdriatic Pipeline (TAP) in Thessaloniki, Northern Greece on Tuesday. Official representatives of the European Union and U.S. State Department as well as high ranking officials from Greece, Turkey, Albania, Italy and Bulgaria will attend the ceremony.
TAP will transport Azerbaijani gas from Shah Deniz-2, extracted in the Azeri sector of the Caspian, to western Europe through Greece and Albania. It is part of the Southern Gas Corridor, one of the most complex gas value chains ever developed stretching over 2,174 miles. The first delivery of Azerbaijani gas is scheduled for early 2020.
The $45 billion project represents the biggest foreign investment that has ever taken place in Greece. The shareholders of the project are: Socar (20 percent), BP (20 percent), Snam (20 percent), Fluxys (19 percent), Enagas (16 percent) and Axpo (5 percent).
This project opens broad opportunities for transportation of Azerbaijani gas to such European markets as Italy, Germany, Great Britain, Switzerland and Austria. It also will help Europe diversify its sources of natural gas. Currently Russia is the major gas supplier for the continent.
At the same time, construction of the pipeline will help the anemic economies of Albania and Greece. It is expected that construction of the pipeline will employ 150 Greek companies as contractors, subcontractors or track support, and about 8,000 workers.
On Monday, Greek Minister of Environment and Energy Panos Skourletis told the Athens News Agency, "We are entering into a new phase for the economy. The TAP project will offer a strong boost to move forward."
TAP's initial capacity of 10 billion cubic meters (bcm) of gas per year is equivalent to the energy consumption of approximately seven million households in Europe. In future, the addition of two extra compressor stations could double throughput to more than 20 bcm as additional energy supplies come on stream in the wider Caspian region.
Russia is trying to bolster pipeline links with the continent through southern Europe. Gazprom tried and failed to gain strategic entry through Bulgaria and Turkey. Recently it announced new plans with Italian utility Edison and Greece's DEPA to supply natural gas along the seabed of the Black Sea into Greece and Italy, from where it could be sold in Europe.
The so-called Interconnector Turkey Greece Italy (ITGI) Poseidon pipeline scheme — unable to get off the ground for years — was shelved in 2012 after it lost out to TAP. Gazprom is now trying to get this project revived. It would consist of an offshore pipeline that will connect the Greek and Italian natural gas transportation systems. The capacity of the pipeline would be 8 billion cubic meters of natural gas a year.
It is expected that during his visit to Athens on May 28 Russian President Vladimir Putin will seek to gain support for the Poseidon pipeline.
Follow CNBC International on Twitter and Facebook.
—By Nasos Koukakis, special to CNBC.com
17-5-2016
CNBC.com
ATHENS- Greek Prime Minister Alexis Tsipras will inaugurate the start of construction for the TransAdriatic Pipeline (TAP) in Thessaloniki, Northern Greece on Tuesday. Official representatives of the European Union and U.S. State Department as well as high ranking officials from Greece, Turkey, Albania, Italy and Bulgaria will attend the ceremony.
TAP will transport Azerbaijani gas from Shah Deniz-2, extracted in the Azeri sector of the Caspian, to western Europe through Greece and Albania. It is part of the Southern Gas Corridor, one of the most complex gas value chains ever developed stretching over 2,174 miles. The first delivery of Azerbaijani gas is scheduled for early 2020.
The $45 billion project represents the biggest foreign investment that has ever taken place in Greece. The shareholders of the project are: Socar (20 percent), BP (20 percent), Snam (20 percent), Fluxys (19 percent), Enagas (16 percent) and Axpo (5 percent).
This project opens broad opportunities for transportation of Azerbaijani gas to such European markets as Italy, Germany, Great Britain, Switzerland and Austria. It also will help Europe diversify its sources of natural gas. Currently Russia is the major gas supplier for the continent.
At the same time, construction of the pipeline will help the anemic economies of Albania and Greece. It is expected that construction of the pipeline will employ 150 Greek companies as contractors, subcontractors or track support, and about 8,000 workers.
On Monday, Greek Minister of Environment and Energy Panos Skourletis told the Athens News Agency, "We are entering into a new phase for the economy. The TAP project will offer a strong boost to move forward."
TAP's initial capacity of 10 billion cubic meters (bcm) of gas per year is equivalent to the energy consumption of approximately seven million households in Europe. In future, the addition of two extra compressor stations could double throughput to more than 20 bcm as additional energy supplies come on stream in the wider Caspian region.
Russia is trying to bolster pipeline links with the continent through southern Europe. Gazprom tried and failed to gain strategic entry through Bulgaria and Turkey. Recently it announced new plans with Italian utility Edison and Greece's DEPA to supply natural gas along the seabed of the Black Sea into Greece and Italy, from where it could be sold in Europe.
The so-called Interconnector Turkey Greece Italy (ITGI) Poseidon pipeline scheme — unable to get off the ground for years — was shelved in 2012 after it lost out to TAP. Gazprom is now trying to get this project revived. It would consist of an offshore pipeline that will connect the Greek and Italian natural gas transportation systems. The capacity of the pipeline would be 8 billion cubic meters of natural gas a year.
It is expected that during his visit to Athens on May 28 Russian President Vladimir Putin will seek to gain support for the Poseidon pipeline.
Follow CNBC International on Twitter and Facebook.
—By Nasos Koukakis, special to CNBC.com
IMF Wants Eurozone Debt Relief for Greece Until 2040
Interest rate on eurozone loans would be fixed for 30 to 40 years, say people familiar with IMF proposal
By MARCUS WALKER
Updated May 17, 2016 3:28 a.m. ET
3 COMMENTS
BERLIN—The International Monetary Fund is pressing the eurozone to let Greece skip paying interest or principal on bailout loans until 2040, say officials familiar with the talks.
The IMF wants the loans to Greece to fall due gradually in the following decades, and as late as 2080, according to the IMF’s proposal.
Greece’s interest rate on eurozone loans would be fixed for 30 to 40 years at its current average level of 1.5%, with all interest payments postponed until loans start falling due, under the IMF proposal.
By MARCUS WALKER
Updated May 17, 2016 3:28 a.m. ET
3 COMMENTS
BERLIN—The International Monetary Fund is pressing the eurozone to let Greece skip paying interest or principal on bailout loans until 2040, say officials familiar with the talks.
The IMF wants the loans to Greece to fall due gradually in the following decades, and as late as 2080, according to the IMF’s proposal.
Greece’s interest rate on eurozone loans would be fixed for 30 to 40 years at its current average level of 1.5%, with all interest payments postponed until loans start falling due, under the IMF proposal.
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