Greece Hopes Oil In The Ionian Will Help Its Economic Recovery

Greece’s economic problems are well documented around the world, and a major contributor to the economic troubles experienced throughout Europe.  Greece must find a way to reduce their deficit if they have any hope of economic recovery. Several years ago some basic geological surveys were made in the western seas around Greece to determine the potential for gas and oil reserves. Currently Athens spends between €10 and €20 billion ($13.3-$16 billion) on oil imports each year, this equals about 5% of its GDP. The energy ministry…

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