Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Business
Classified Sites

The Canadian Press - ONLINE EDITION

Greek PM sees 'strong indications' fuel deposits could raise half national debt in revenues

ATHENS, Greece - Greece's prime minister says the cash-strapped country could earn up to 150 billion euros ($206 billion) in three decades from offshore oil and gas deposits.

Antonis Samaras said Wednesday the rough estimate, which is worth nearly half of Greece's 320 billion-euro debt mountain, was "neither optimistic nor pessimistic," and could increase depending on further exploration results.

He said surveys have provided "very strong indications of significant" reserves off Greece's western coast, and work is ongoing in waters off the island of Crete in the south.

Substantial findings would be a major windfall for a country that has been in recession for over five years.

Greece has been forced to cut spending sharply, raise taxes and enact wide-ranging economic reforms to secure vital rescue loans after it nearly went bankrupt.

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

Comment
  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.

letters

Make text: Larger | Smaller

Brandon Sun Business Directory
Submit a Random Act of Kindness
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates