An authoritative Greek publication suggestedEU to lift sanctions

European Union flags in front of the headquarters of the EU in Brussels. Archive photo

One of the most authoritative in the Greek editions “Naftemporiki” offers European leaders to stop “cringe” to the Americans and to negotiate with Russia to compromise on the price of gas and the lifting of sanctions.

The article “my God, who rules us?”, written by head of business publication Michalis Psilos – known columnist, former Director of the Athens news Agency AMN – published on the portal.

“During the year the price of gas in Europe has grown more than 10 times from 27 euros per megawatt-hour, 12 months ago, she exceeded € 310 25 Aug. The governments of most countries have spent many billions of euros to prevent the transition of this increase on account, as it would be under the direct risk of the majority of households and production companies,” the article says.

Speaking about the reasons for this significant growth in gas prices on the European market, the author believes that, first, in order to take control of rising prices, it is necessary to stop the conflict, but otherwise you need to find a reliable and adequate alternative sources of energy that seems to be very complicated.

“The same applies to inflation. Because raising interest rates, the ECB is of course not the cure,” adds the article.”Therefore, European leaders should stop kowtow to the Americans, who, in the end, remained in neustraivaet zone, and do the necessary dignity. To negotiate a compromise with Russia and, of course, to end sanctions”, – said the analyst, indicating that the ongoing economic clash of the EU with Moscow, the first supplier of gas to Europe, is not helping anyone except Americans.

According to him, the second reason why gas is so expensive, is that the price is set in Amsterdam, the wholesale market, which follows the law of supply and demand, and there are large buyers that have economic power, are willing to offer a higher price, and that’s why they abandon restrictions on gas prices.

The author notes that the third reason for the rise in gas prices has nothing to do with the situation around Ukraine.”Because the price started to increase since the summer of 2021 – long before the crisis in relations with Russia – and this was associated with a reduction in the supply of raw materials. For many years, first low price, and then coronavirus has slowed the investments in exploration and production of gas. It did offer insufficient when the demand was renewed after the pandemic,” writes Psilos.

According to him, the European energy sector in previous years invested much less money in alternative sources, relying on cheap gas from Russia.

“And the EU too, of course. And now he begs her to save gas, detrimental to the economy, punish households, creates a risk of bankruptcy of companies and increases unemployment. Turn off the lights and wear thick sweaters and socks to stay warm in the winter. According to them, this will reduce demand and, ultimately, lower prices. My God, who really runs the EU?” – asks the author.