Greece to invest $2 bn in Turkish Stream, will sign memorandum asap – Energy Minister

This is why it’s oft said here that Greece will not be going anywhere. They’re too strategically important for Europe and will likely become the energy hub for the continent — whether they transit supplies from Cyprus, Russia or wherever else. In a worst case scenario, Greece will be part of a periphery economy should the EU restructure itself.

Ironically, Greece says it cannot meet its next payment due to the IMF June 5th. You can see the payment calender HERE.

 

Greece plans to sign a document on political support for Gazprom’s Turkish Stream project at the St. Petersburg International Economic Forum in June, its Energy Minister announced on Monday. The country plans to invest $2 billion in its construction.

A memorandum on political support for the gas pipeline project will be prepared by June 18-20, when the International Economic Forum (SPIEF-2015) will be held in Russia’s St. Petersburg, Greek Energy Minister Panagiotis Lafazanis announced on Monday.

What happens if Greece can’t pay its debts?

The standoff between a leftwing government and the financial powers of the EU is near to breaking point. What if the worst happens?

This time it’s real: Greece has wriggled out of looming national bankruptcy on numerous occasions over the past five years, but now it has just a few weeks left before it must sign a new debt deal with its eurozone partners and the IMF – or find itself heading for an exit door that leads back to the drachma.

On Friday, after a meeting of eurozone finance ministers in the Latvian capital Riga, the signs were ominous. Malta’s finance minister Edward Scicluna, said: “I would describe today’s meeting as a complete breakdown in communication with Greece.”

Greece May Sign Russia Gas Deal As Soon As Today

According to Gazprom’s CEO comments on Greek TV, following his meeting with Greek PM Tsipras, Russia will guarantee 47BCM/YR of gas via Greece with the link to be built by a Russian-European group at a cost of around €2 billion.

First, talks with Russia on extension into Greece of Turkish Stream pipeline are positive, will continue with aim of concluding “soon,” Greek Energy Minister Panagiotis Lafazanis says in comments broadcast live on state-run Nerit TV.