Tag Archives: Natural Gas

The post-Referendum Greece: Between Challenges and Hope

Source: Reuters

On Sunday, July 5, 2015, the Greek people gave a clear ‘No’ to a proposed bailout deal by the Troika (the European Commission, International Monetary Fund and European Central Bank). Though the national referendum was specifically about the Troika’s proposed plan, both Greek and European leaders and the media transformed it into a vote on Greece’s participation in the Eurozone and ultimately the European Union. The Syriza[1]-led government vocally supported the ‘No’ vote, arguing that the position would provide Greece with the leverage to negotiate a better deal with the creditors. Traditionalist center and right-wing parties supported the ‘Yes’ vote, voicing concerns that a rejection of the Troika deal would lead Greece to default, a return to drachma (Greece’s pre-Euro national currency), an exit from the EU, and eventually international isolation.[2] Continue reading

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Full of Gas, Full of Problems: The Eastern Mediterranean’s Hydrocarbon Showdown

Source: nationalinterest.org

In October of last year, Russia, Israel and Cyprus conducted a joint naval exercise in waters of the Eastern Mediterranean. Though scheduled well in advance, the timing of the drill could not have been more opportune for Cyprus; the Barbaros, a Turkish seismic vessel dispatched by Ankara in order to survey the sea floor for hydrocarbons, had just entered the bitterly contested Exclusive Economic Zone (EEZ) between the two countries.

The affair triggered a flurry of diplomatic action. Israel called on Turkey to respect Cyprus’ right to explore for natural gas within its maritime boundaries, and Cyprus insisted that the vessel immediately withdraw. Not surprisingly, President Erdogan rebuffed these demands, and avowed that the Barbaroswould remain at sea until a distribution deal was reached for the riches beneath. Continue reading