Let Greece Pay With Oil
Greece has “at least” $600 billion worth of gas and oil reserves beneath its territorial waters, according to a new study presented to Prime Minister Antonis Samaras within the last few months. Reuters has also confirmed the story. Well then, that could lead to a perfect solution for Greece’s debt woes… why not exchange a large chunk of the debt Greece has with its northern European partners in exchange for oil concessions? Everybody happy. Greek pride is restored as it is able to pay off its debt after all and northern Europe can finally concentrate in teaching the Greeks how to pay taxes, if Greece really wants to become a serious European nation. Currently Greece has ca. $400 billion debt. Why not write off half of it in exchange for Aegean oil and gas. Everybody happy. Letting Greece get away with a default is no option as it creates a very bad precedent for other debtor nations and finally the entire financial system.