Thursday October 23, 2014 Search
Weather | Athens
22o C
16o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
All that glisters...

By Alexis Papachelas

A few months ago, a former Greek prime minister, who is known for his cautious and sensible comments, expressed the view that “if the country eventually manages to pay off its debts, that may well prove to be thanks to its oil and gas deposits.”

I really hope his prediction comes true. It seems that over the past couple of years, a number of Greek politicians and state functionaries have pulled off a quiet, systematic effort which is now starting to bear fruit. But we should not take success for granted.

Rather, we have to keep our expectations in check and be very careful with the handling of the situation and any findings.

Several politicians and pundits have set the exploitation of the country’s mineral deposits as a top national priority and are calling on the government to get on with the job of delineating the nation’s exclusive economic zone (EEZ).

My own humble opinion, which however draws on the wisdom and experience of people with in-depth knowledge of the matters at hand, is that a flamboyant approach, as it were, is not necessarily in the country’s best interest.

Quite the opposite in fact. The situation calls for cautious, low-key handling and deft backstage negotiations in contacts with foreign firms and governments. Big talk, popular as it may be among local audiences, can only prove damaging to national interests.

We should not expect too much from a possible exploitation of Greece’s mineral wealth and, if it does happen, we can’t expect anything too soon. It will take many years, perhaps more than a decade, before the country could start to reap the benefits from such a project.

Some people like to portray Greece’s possible oil deposits like winning the jackpot; like a miraculous medicine that will cure all ills overnight.

This is not the case, of course. Greece may be a different country in 10 or 15 years but – too bad – that does not mean we can afford to relax our painstaking efforts at present. Greeks should not be made to believe that we have all of a sudden come up with the magic formula that will allow us to go back to the way we were.

To be sure, there are also people who like to claim that foreign governments were keen to lend us tons of money so that they would later be able to get their hands on the country’s supposedly massive oil deposits for peanuts. This is where reason stops and where unreason begins – an uncomfortably common kind of unreason that has found a lot of fertile ground in crisis-hit Greece.

ekathimerini.com , Tuesday December 11, 2012 (22:57)  
Defusing a crisis
PM needs to step up
Careful what you wish for
Taking care of our key industry
Conspiracy of the Cells of Fire suspect arrested over bail violation
Police in Dimitsana, in Arcadia in the Peloponnese, on Thursday arrested Stella Antoniou, who is facing charges of involvement in the urban guerilla group Conspiracy of the Cells of Fire, fo...
Highway traffic to be disrupted on Corinth-Patra route
Traffic was expected to be disrupted on a section of the national highway between Corinth and Patra in the Peloponnese from Thursday evening to early Friday morning for roadworks, it was ann...
Inside News
Solidarity tax to be extended for two years
Greek taxpayers will continue to pay an extra solidarity tax on income in the next two years, but at a 30 percent discount compared to current rates, it emerged on Thursday. The emergency ta...
Spanish unemployment lowest since 2011 as economy grows
Spain’s unemployment rate fell to the lowest since the end of 2011 in the third quarter as its economy turned into one of the fastest-growing in the euro region. Joblessness fell to 23.7 per...
Inside Business
SOCCER
Roberto´s heroics make Kasami´s goal count
Pajtim Kasami’s goal and Roberto’s heroics in goal saw Olympiakos claim one of the biggest wins in its history on Wednesday downing Italian champion Juventus 1-0 to boost its chances of reac...
SOCCER
Third-division Iroditos punished heavily after fan death
Greek third division team Irodotos has been docked 15 points and ordered to play 10 matches behind closed doors following the death of an Ethnikos Piraeus supporter, the Hellenic Football Fe...
Inside Sports
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Conspiracy of the Cells of Fire suspect arrested over bail violation
2. Highway traffic to be disrupted on Corinth-Patra route
3. Solidarity tax to be extended for two years
4. Spanish unemployment lowest since 2011 as economy grows
5. EU requests clarification on Italy´s ´breach´ of budget goals
6. German survey props up European shares
more news
Today
This Week
1. Strong winds hamper sea travel
2. TBEX brings together 800 travel bloggers in Athens
3. Cyprus president to sit out EU summit due to high blood pressure
4. Arrivals show increase in January-June 2014 period
5. Samaras to represent Anastasiades at European Council meeting
6. Nissan recalling 260,000 vehicles globally with Takata air bags
Today
This Week
1. Coalition shooting itself in the foot
2. Istanbul skyscraper casts shadow over Greece's banking ambitions
3. The past, present and future of the Greek debt crisis
4. Greece’s closed society is central to its current malaise
5. Greece must stick to reforms, says Schaeuble
6. At least 11 banks to fail European stress tests, three in Greece, report says
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.