Russia and Greece's close cultural relationship has been instrumental in Russia's willingness to aid Greece, according to Stella Ladi, a senior lecturer from Queen Mary University in London Tuesday.
Ladi commented right after Russian Energy Minister Aleksandr Novak's announcement Monday which said that Moscow aims to support Greece's economic recovery via energy investment, but added that there was never a real possibility of Russia lending money to Greece.
'It was made clear very quickly by Russian officials and by Putin himself that Russia wouldn't lend to Greece and that Athens should aim to find a solution with its closer European partners,' Ladi said.
'This of course does not mean that there are no possibilities for Russian investments in Greece and close cooperation in the energy sector,' she added.
- Greek extension plans to Turkish Stream are unclear
According to Nikos Tsafos, president and chief analyst of Enalytica, a Washington-based energy think-tank, Greece has always seen Russia as an important ally dating back centuries. However the material cooperation between the two has always been limited and the two sides have struggled to deepen their partnership with concrete action.
'At this stage, the Greek extension to the Turkish Stream is an entirely hypothetical project about which we know very few details, its purpose, size, route, cost, ownership structure, etc. As such it is impossible to say many things about it,' Tsafos said.
'Obviously, in today’s circumstances, the ability of the Greek state or state-owned companies to finance their part (whatever that part is) is non-existent. But that can change over time,' he added.
In June, Russia and Greece signed the initial agreement of the Turkish Stream for $2.27 billion.
On July 10, Greek Energy Minister revealed further details of the gas pipeline project with Russia which planned to carry 47 billion cubic meters annually of its gas to Europe after 2018.
The pipeline project called the South European Pipeline is an extension of the Turkish Stream pipeline project which aims to transfer Russian gas to Europe via Turkey.
By Murat Temizer
Anadolu Agency
murat.temizer@aa.com.tr