According to Ekathimerini.com, Greece is set to start active research of oil and gas reserves worth trillions of pounds, indeed many, many trillions.
"Preliminary estimates made by experts commissioned by the Environment Ministry suggest a potential 22 billion barrels in the Ionian Sea off the coast of western Greece and more than 4 billion barrels in the Northern Aegean.
The area south of Crete is said to be particularly promising, while the Eastern Mediterranean, especially the area between Crete, Cyprus and Rhodes, is thought to be the location of sizable reserves of oil and natural gas."
Even just the smallest estimated reserve shown here, that of 4 billion barrels situated in the Northern Aegean, would equate to 400 billion dollars - at today's market price - going into the Greek treasury.
Cyprus has already located, south of the island, an enormous gas reserve which it will commence exploiting in seven years time.
The question is, will Cyprus and Greece use their oil and gas reserves, let's say in seven years time, to finance the whole EU and bail out every country, throwing the trillions of dollars at them, or will these two countries just pay off any insignificant debts they may have accumulated with the EU - with the stroke of a pen - and then leave the EU and live happily ever after?
