Greeks, be aware of the Trojan horse!

06/11/2011 / Kaj

I don’t know about you, but I have tried to find out exactly what is in the bailout  package offered to Greece by the European partners, but I could not find much.  Banks are mentioned in all the newspapers articles, sometimes because they need to be shored up, sometimes because they will take a haircut.  There are also clear indications that the social programmes, pensions and public sector jobs will be cut and that unemployment and despair will rise.

As I continued my research,   I discovered that Greece is the biggest arms importer in the EU and that France has recently sold Greece four war ships at the cost of € 1.2 billion – See Der Spiegel article

In my readings, I came across one potential piece of good news: the Helios project- a Greek €20 billion solar initiative to generate 10 GW until 2050. The project can create between 30 to 60 thousand jobs.

Greece needs to find finance for the project and it has signalled that it could pay up to 15 billion Euros of their debt by exporting  to Europe the energy generated by Helios.

I don’t expect this solar project to be the solution to the financial misery the Greeks are going through, but I did expect some serious wordings in the rescue package of how the EU could provide guarantees to project investors in Helios and how the EU could help support a sustainable bailout approach that moves away from the failed recipe of arms sales and helping the banks to the    structuring of green venture investment in Greece. In 2010, the global clean energy sector attracted € 176 billion of investments. See the Financial Times article by Pilita Clark

If we are to see the creation of jobs and real opportunities in the decades to come that will effectively lift Greek population out of poverty, the EU must propose  a bailout package that funds  low carbon development and green investment opportunities.


Tags: , , , ,

  1. jon kofas • As far as information on the bailout package, one could start with the IMF web page, which includes a great deal of information, then one could look at the OECD, EUROSTAT, and a number of other websites.There is no shortage of information, but there is so much that one must be willing to sit and read all of it to make sense of what is going on.

    Kaj raises an excellent point about Greece as the EU’s biggest arms importer, especially considering that as we speak it has a pending order for two German-made subs at the cost of a cool one billion euros. Germany, IMF and EU led by Germany have remained relatively silent on the issue of lavish arms spending, because Greece is a large buyer of weapons, even during the worst financial crisis in the last six decades.

    If one examines the history of Greece, it is evident that Greece has a long history of one of the world’s biggest defense spender – always as % of GDP – partly because it must fulfill NATO obligations, but also because its leadership for the past six decades is under the illusion that it can actually win a war against its neighbors, especially Turkey, also a NATO member.

  2. Business, that’s easily defined – it’s other people’s money.
    I had been told to prevent the company altogether as a result of rejection. People would say to me, ‘Don’t you want to possess a normal job plus a normal family?’ I guess that might be helpful advice for a few people, but I desired to act.

Leave a Reply