Home  > Historical Perspectives
IRAN SANCTIONS UNRAVELING IN E.U.? / Economic collapse in Greece ripples throughout region (WND-WORLD NET DAILY) Joseph Farah’s G2 Bulletin WASHINGTON 04/16/12)Source: http://www.wnd.com/2012/04/iran-sanctions-unraveling-in-e-u/ WND} WORLD NET DAILY WND} WORLD NET DAILY Articles-Index-TopPublishers-Index-Top
WASHINGTON – While the European Union has decided to impose stringent oil import sanctions against Iran starting in June, the lagging economic in Europe could threaten to unravel whatever united front there was, according to a report in Joseph Farah’s G2 Bulletin.

In a report from the Washington-based energy-policy group Securing America’s Future Energy, or SAFE, the effort could be undermined by Greece, which is in a virtual economic free-fall. Greece may have to continue receiving its oil from Iran.

“Greece’s sovereign debt crisis has led most oil suppliers to decide that they cannot take the risk of trading with Greece,” the SAFE report said.

Consequently, Greece has had to draw down its existing oil stocks and to “massively increase its reliance on Iran,” the report said. “That, in turn, makes Greece the potential weakest link in the E.U.’s plans to embargo Iranian oil imports.”

This would prevent the E.U. from eliminating imports from Iran by June. Greece is Iran’s largest customer from the Eurozone.

“Iran can use Greece as a means to exert pressure on the European Union and, by extension, the United States,” the SAFE report said. “Unsurprisingly, Greece has been lobbying hard to water down the E.U. boycott of Iranian oil.”

And it isn’t just Greece. There also are Spain and Italy, both highly dependent on Iranian oil and lacking the means to purchase it from alternative suppliers, who want payment in advance.

“Expanding Greece’s energy choices through alternate energy providers and greater security for its oil purchases would therefore be a boon to its floundering economy – and a significant shot in the arm for the fragile consensus in favor of economic pressure on Iran that now predominates in Europe,” said Ilan Berman of the Washington-based American Foreign Policy Council.

“Having spent so much time and energy building that understanding, Washington and its allies should now have a vested interest in making sure that Greece’s debt woes don’t demolish it.” That undertaking, however, will be far easier said than done. (© 2012 WorldNetDaily.com, Inc. 04/16/12)


Return to Top
MATERIAL REPRODUCED FOR EDUCATIONAL PURPOSES ONLY