Since 1980 Greece has received EU funds under various programs to the tune of €200 Billion equivalent to 100 percent of its GDP in 2013.

For that year total net spending in Greece financed via the EU spending [Regional Fund, Social fund and similar funds] was just above 3 percent of GDP.

Greece’s traditional rival in the region and in the Balkans is Turkey; its EU membership was used to put obstacles in the way of the endeavors to move Turkey closer to the EU even dangling the prospect of full membership as a reward for reforms.

The second one is that Greece has for decades deliberately pursued an unsustainable economy with perennial overspending compared to revenue hidden by diligent efforts to cook the books helped by some private global financial institutions; this deception of its allies, partner, and creditors was unmasked by the financial crisis.

The third one is that the main problem is not about the debt level, but turning the Greek economy into a viable and sustainable economy able to function without constant blood transfusion.

Diagnosing the economy it is not difficult to understand why Greece has never managed to build a productive base for the economy.

The geopolitical situation in the Eastern Mediterranean has changed over the last one to two years and fundamentally so to the disadvantage of Greece.

In view of the above, maybe it is in the best interest of Greece to default, thereby paving way for a more sustainable future.

*Originally written by Inez McMullan for Top Tidings Learn more »

Greek Foreign Minister Nikos Kotzias and Turkish Foreign Minister Mevlüt Çavuşoğlu held a joint press conference yesterday in Ankara emphasising the significance of a settlement in Cyprus.

Çavuşoğlu underlined that Turkey’s main aim is to build stronger relations between the two nations. Kotzias also said that on his watch, cooperation between Greece and Mediterranean countries is at the top of his agenda.

Kotzias paid an official visit to Turkey as part of the NATO Foreign Ministers Meeting that takes place from May 13-14 in Antalya. In addition to the NATO meeting, a series of other sessions will also take place with ministers of foreign affairs from member countries.

Emphasising enhancing bilateral ties between Turkey and Greece, both Kotzias and Çavuşoğlu underlined the necessity of resolving the Cyprus problem. Çavuşoğlu said that Turkey and Greece share the will to resolve the ongoing dispute on the island.

“We [Turkey] are greatly pleased with the re-launching of the stalled peace talks on Cyprus. As Turkey and Greece, we are determined to encourage peace on the island of Cyprus and between the two leaders,” he said, adding: “Within the basis of the joint declaration, Turkey is as committed as ever to the continuation of negotiations and achieving a permanent resolution on Cyprus.”

“Permanent peace and resolution will be achieved this year if Greece and Greek Cypriots also display the same determination toward resolution. Turkey and Greece will continue to take confidence-building steps,” he said.

Commenting on the Cyprus issue and conflicts regarding the Aegean region, Kotzias said that Greece aims to “eliminate the hesitations toward the region,” and reiterated that the resumption of the Cyprus talks presents a “window of opportunity” to reunify the divided island of Cyprus. Underlining the importance of securing and providing the rights of all residents of the island,

Kotzias said that Cyprus must become an independent country without the need of any guarantor country.

Regarding the conflicts in the Aegean region, Kotzias said, “We are aiming to resolve the conflicts and aim to lower the tensions in the region.” He further commented on Turkey’s accession to the EU, saying that Greece strongly supports Turkey’s membership and added: “We’d like to see an EU that supports and adopts Turkey’s political stance.”

Sabah

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