Our country is at a positive juncture, as it is called upon to face the new crisis from a better position than most European states.

Not only can Greece face the new energy crisis from a better position, but also to take advantage of the opportunities that are emerging in the international environment in order to take advantage of the situation and reap significant economic and geopolitical benefits, AKTOR Group Chairman and CEO of Atlantic SEE LNG Trade, Mr. Alexander Exarchou, in a discussion with journalist Katerina Panagopoulou, at the Delphi Economic Forum.

As he noted, at the moment our country is in a positive situation,as it is called upon to face the new crisis from a better position than most European countries. He added that Greece can take advantage of the wider geopolitical upheavals to reap benefits, as it is on a growth trajectory and, at the same time, has a strong military capability.

The combination of factors

Exarchou stressed the importance of the vertical corridor from the national point of view,as it creates better conditions for geopolitical stability in the wider region. And he stressed that the fact that Greece has acquired superior arms procurement capabilities from the US, combined with the substantial creation of a US energy hub in our country, strengthens the country’s geopolitical position more than any other juncture in the past. Thus, he noted that if one takes into account in these contexts that the Greek economy remains the fastest growing in the European Union, it offers an excellent starting point for the country to take advantage of the new situation.

Greece a bridge between the US and the EU.EU

The head of the AKTOR Group underlined the importance of the support shown by the Greek government on the issue of the vertical corridor, which reinforces Athens’ efforts to act as a bridge between US aspirations and EU policy.And he stressed that for this reason, Greece can take advantage of the new energy crisis better than anyone else.

Natural gas will be more expensive

At the same time, Exarchou pointed out that due to the destruction suffered by the war of Qatar’s gas facilities, a serious supply issue has arisen in the international market. And given that Qatar is China’s main supplier, he estimated that Beijing would turn to Russia for its supply, a possibility that would lead to a significant increase in the price of Russian gas, which is known to be banned in the EU.

Need to secure volumes

The head of the AKTOR Group and CEO of Atlantic SEE LNG Trade noted that the first thing Europe must do is to secure the necessary quantities of gas on a long-term basis to meet its needs, as it risks falling victim to obscenity. And he predicted that otherwise, the EU will be particularly tested in the coming winter if it is left exposed to market fluctuations and inflation amid serious problems in international gas supply. While he commented that this would not be the result of the succession of wars in Ukraine and Iran, as it seems at first sight, but essentially of Europe’s inability to speak with a single voice and compete on a level playing field with the US and China.

The EU. may act as in the pandemic

However, he expressed his hope that this new situation will force the EU to take centralized decisions on behalf of all member states, as was done with the pandemic, mobilizing resources either through a Recovery Fund or through the issuance of Eurobonds to counter strong inflationary pressures.

The EU will have to take centralized decisions on behalf of all member states, as it did with the pandemic, by mobilizing resources either through a Recovery Fund or through the issuance of Eurobonds to counter strong inflationary pressures.