GREECE: GREAT OPPORTUNITY
Russia's plan to shift the transit of EU bound natural gas to a new gas hub at the Greek-Turkish border will allow Greece will become an important factor in supplying Europe with Russian gas, according to a representative of the SYRIZA (the Coalition of the Radical Left) Party.
Gazprom has announced that it plans to re-route gas presently transited via Ukraine to the proposed Turkish Stream pipeline.
"The 50 billion cubic meters of gas per year, that will be accumulated in Turkey's border with Greece are a great opportunity for Greece to upgrade its geopolitical role", said Athanasios Petrakos, who is also in charge of Eurosceptic party's energy policy.
Greece will go to the polls in a national election on January 25th following the country's parliament failed to elect a president in the third and final round of voting on December 29, 2014.
Several recent polls indicate that Syriza holds a lead of over 3 percentage points over Prime Minister Antonis Samaras's New Democracy party.
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IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.