More than anything right now, Greece needs growth. The loans that the EU continues to pile on Greece will only land Athens back to the negotiating table every three months, asking for more loans.
It’s a never ending cycle that has proven disastrous over the last six years. Yet Europe has no desire to invest in Greece’s growth prospects, deferring to build a debt colony instead. Aside from the Chinese investment in the Piraeus port, Greece has seen next to nothing in terms of foreign business investment.
This made Russia’s Greek Stream pitch all the more interesting and vital to Greece’s survival. It would have also given Greece some much needed breathing room when dealing with creditors.