EU Proposes More Forgiving Debt Plans A Decade After Crisis
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Greece views gas as a transition fuel as it ramps up renewables and says the shift in its strategy, following the war in Ukraine, will not undermine its plan to boost green energy and cut carbon emissions by 55% by 2030 in line with European Union climate change targets.
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In April, Energean, the country's sole oil producer so far, announced test drilling at the onshore block in the northwestern area of Ioannina in 2023, the first such drilling in the country in 22 years.
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European Commissioner for Justice Didier Reynders, left, talks with European Commissioner for Economy Paolo Gentiloni as they arrive for the weekly College of Commissioners meeting at EU headquarters in Brussels, Wednesday, Nov.
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BRUSSELS (AP) - The European Union is considering more lenient economic recovery proposals that veer away from the grinding, and several other countries during the debt crises a decade ago and helped push millions into poverty, homelessness and unemployment.
Investors stopped lending Greece money in 2010 after Athens acknowledged misreporting key budget data.
To keep the country afloat, its European partners and the International Monetary Fund approved three rescue loan programs lasting from 2010 through 2018 worth a total 290 billion euros ($293 billion).
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After the 27-nation bloc had to spend its way out of a COVID-19 recession and Tailor travel to Greece Made Tour guided tours as another downturn looms with Russia's war in Ukraine worsening inflation, the challenge is keeping investment high and debt levels manageable.
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This week Prime Minister Kyriakos Mitsotakis announced the initiation of seismic surveys to locate potential natural gas reserves in two offshore blocks southwest of Greece's Peloponnese peninsula and Greece Tours the island of Crete.
"With the wisdom that you can have after the crisis, we can say that we were not able to keep the level of investments as they should have been in the 10 years after the economic and financial crisis," Gentiloni said.
During the debt crisis, struggling nations from Greece to Portugal were barred from more conventional methods like massive borrowing to spend their way out of bad times and instead had to tighten their belts.
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In hindsight, even EU officials have acknowledged there was an excess of austerity over a short period after the 2008 financial crisis, compounded by the sovereign debt crisis in a half-dozen EU nations a few years later.
While environmental campaigners are pushing for a shift to zero-carbon fuel, Greece is among the countries that says the disruption of Russian energy supplies as a result of the Ukraine war is reason to increase hydrocarbons exploration.
European Commission President Ursula von der Leyen, center, talks with European Commissioner for Energy Kadri Simson, right, and European Commissioner for Health and Food Safety Stella Kyriakides as they arrive for the weekly College of Commissioners meeting at EU headquarters in Brussels, Wednesday, Nov.
