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Why should Greece remain in the euro zone? It’s the energy, stupid!

finally we know why the European and especially Germany do not want Greece outside the euro zone. Allegedly because through Greek soil the European Union can manage to free itself from the Russian dominance of main natural gas supplier Gazprom. The EU dream can be materialized through the Trans Adriatic Pipeline (TAP) that will bring natural gas from Azerbaijan to Europe.

tap pipeline

The interesting approach is to read in economic website Deutsche Wirtschaftsnachrichten

Greece’s rescue is not a political project. It’s a matter of natural gas and the energy sector.  The EU wants to free itself from dependence on Russian gas, therefore it builds a pipeline running from Turkey through Greece to Italy. In order not to jeopardize the project through a collapse in Greece, Greece must remain in the euro zone.  Bitter truth for the Greeks: it is about their country, not the people.

Again and again, one wonders: Why is the EU is pumping billion of European taxpayers’ money to Greece? In Greece, there is no oil, no industry – nothing that the Europeans really need. On vacation, Europeans could pay with drachmas, when in Greece.

So why this unquestioning loyalty?

The answer can be found where you can always find answers when much money is involved: In energy policy.Europe has maneuvered itself into a predicament: the EU completely dependents on Russia. The Gazprom Group – advised by former German Chancellor [Gerhard Schroeder SPD] has the license to print money – because Russia is the largest supplier of gas for industry and prosperity in the EU.

This dependence is a problem for the EU: the Russians can do what they want – they dominate the European market through the Gazprom.

Full article in German in Deutsche Wirtschaftsnachrichten,

TAP pipeline project

Trans Adriatic Pipeline AG is a joint venture company registered in Baar, canton Zug, Switzerland, with a purpose of planning, developing and building the TAP pipeline. Managing Director of the company is Kjetil Tungland.

Shareholders of the Trans Adriatic Pipeline are:

  • Axpo (Switzerland, 42.5%)
  • Statoil (Norway, 42.5%)
  • E.ON Ruhrgas (Germany, 15%), Shah Deniz partners BP, SOCAR and Total S.A. have an option for 50% shares in the company. If implemented, BP and SOCAR will have 20% of shares both while Total will have 10%. Fluxys has an option on an unspecified stake.

More on TAP pipeline project here and here

“Bitter truth for the Greeks”? After three years of austerity ‘rescue’ packages, finally the Germans seem to understand what the Greek knew six months after the first bailout of 2010: that it is about the country and not the money-drained people.

Also an article about more German revelations like “We want Greece to be a pool of cheap labor craft in the EU for German & Co investments” would be appreciated, as well 🙂

PS is this the reason that prime minister Costas Karamanlis had to go in 2009? Because he had so good relations to Russia?


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  1. dont forget to all the new resorces they have found in the Libian sea off the coast of Crete ….900+ Billion euro That must seem interesting for them….. Bleed the people dry and they will come begging……… THEY THINK

  2. That pipeline can also still be put through Bulgaria, FYROM and Albania. Would matter a bit. And will happen if needed.

  3. There is plenty of oil in Greece, you need an update…