1. Greece falsified data to join Euro
2. It then had a big consumption boom
3. Causing huge current account deficits
4. Greece got a bailout on its debt run-up
5. Greek oligarchs now oppose a lower cap
6. They sell old oil tankers to Putin
7. The EU can stop this
I am endlessly puzzled that northern Europe does not make any noise about this. Northern European tax payers financed a bailout, while Greek shipping oligarchs still pay no taxes on their profits. How is this a tenable equilibrium? Why should northern Europe put up with this?
Sometime ago, because the Greek oligarchs threatened to relocate.
I’m in favor of lowering the G7 oil price cap on Russia. Greek ship owners are a key conduit for that, given their large fleet of oil tankers. I often get accused of being anti this or that, but that’s usually a low shot by people who are defending vested interests.
Russia will keep exporting oil if the G7 cap is lowered from its current $60 level to $50. Putin needs cash because the war is so expensive. There wouldn’t be any production cuts, not least since many of Putin’s oil wells are in a bad state and would never start up again.