German Finance Minister Wolfgang Schaeuble has acknowledged the possibility of introducing a parallel currency alongside the euro, in case negotiations with creditors fail, said Bloomberg citing sources familiar with the matter.
As the Greek economy is in crisis and the country is trying to attract money from any source to survive, prolongation of the sanctions against Russia would only worsen the situation, former Greek diplomat Leonidas Chrysanthopoulos told RT.
Greece says a deal with creditors will be reached in the next 10 days, and aims to meet all payments in time while the eurozone says “a lot is still left to do.” A Troika deal will unlock the much-awaited €7.2 billion bailout for cash-strapped Athens.
Greece has revealed it’s been asked by the US to prolong anti-Russia sanctions. However, Athens stressed Russia is a strategic ally and the ‘sanction war’ is causing it an estimated loss of €4 billion a year.
Greece won’t be able to pay the next tranche of 300 million euros to the International Monetary Fund (IMF) on June 5 unless it receives extra financial aid from creditors, according to a senior member of the ruling party.
Greece will pay public sector wages and pensions in May but urgently needs a deal with its creditors by the end of the month to avoid defaulting on its debt, according to Greek government spokesman Gabriel Sakellaridis
Greek Finance Minister Yanis Varoufakis, who has been sidelined from Greece debt negotiations, says he wished the country still had the drachma, and that Greece would never sign any bailout plan on unfavorable terms.
Macedonia has become important to the US as it could become the only way for Russia’s proposed Turkish Stream pipeline to reach Central Europe, which Washington does not want, political analyst Srdja Trifkovic told RT.
Greece has been invited by Russia to become the sixth member of the BRICS New Development Bank (NDB). The $100 billion NDB is expected to compete with Western dominance and become one of the key lending institutions.
To solve its financial problems Greece needs to have foreign investment which could come from Russia, but if the Greeks choose the West it means only future debt, says Patrick Henningsen, a geopolitical Analyst at 21stcenturywire.com.
Washington is pushing Athens not to abandon a Western-backed Trans-Adriatic Pipeline (TAP) project in favor of the Russia-proposed Turkish Stream, a pipeline that would bring Russian gas to Europe via Greece.