http://in.reuters.com/video/2015/06/18/can-russia-solve-greeces-problems?rpc=401&videoId=364633423&feedType=VideoRSS&feedName=Business&rpc=401&videoChannel=104
Can Russia solve Greece's problems?
Thursday, June 18, 2015 - 02:05
Greece's Prime Minister Alexis Tsipras is
in Russia to meet President Vladimir Putin as time runs out for Athens
to reach a deal with its international creditors. Ivor Bennett looks at
what he can achieve in a country where EU sanctions over Ukraine have
just been extended.
▲ Hide Transcript
A visit shrouded in secrecy but with a
point difficult to miss. Greek Prime Minister Alexis Tsipras paying a
visit to Russia as fears of a Grexit continue to grow. UPSOT (English)
TSIPRAS "no time for interviews" Maybe not, but time for a meeting with
Russian President Vladimir Putin. A reminder to creditors that Athens
may have other options, but it won't be well received, says Justin
Urquhart-Stewart of Seven Investment Management. SOUNDBITE (ENGLISH)
SEVEN INVESTMENT MANAGEMENT, MARKET ANALYST, JUSTIN URQUHART-STEWART,
SAYING: "It's putting further doubts that can he actually be trusted?
What's he trying to do? Is he trying to negotiate an alternative just in
case Greece isn't in the euro zone, isn't actually in the EU? Which
will actually be frankly disastrous for everybody concerned. So I'm
afraid that doesn't help much in terms of confidence." On his previous
visit to Russia, Tsipras left empty-handed. But this time he could be
more successful. Though a straight bailout has been ruled out, trade
deals have been mooted. Along with an invitation to join the BRICS
development bank. Plenty of opportunities for Russia too. SOUNDBITE
(ENGLISH) SEVEN INVESTMENT MANAGEMENT, MARKET ANALYST, JUSTIN
URQUHART-STEWART, SAYING: "Putin will love to of course be getting a
large wooden spoon out to stir things up and make life more difficult
for the EU partners. It's just another opportunity to get back at the
people he blames for the problems Russia is now facing." The pair were
meeting on the sidelines of the St. Petersburg Economic Forum. where
business seems to be in full swing, despite an extension of sanctions.
SOUNDBITE (ENGLISH) SEVEN INVESTMENT MANAGEMENT, MARKET ANALYST, JUSTIN
URQUHART-STEWART, SAYING: "What you are seeing is some of the
interesting trade sanctions being broken at the moment. I found an
interesting example of some Serbian camembert. I wasn't aware that
Serbia actually made camembert. But possibly relabelling French
camembert as Serbian I think was quite interesting and imaginative if
nothing else. So trade sanctions very rarely work, they normally go
round the black market and go round the borders." Capital controls
though may be harder to negotiate. Several large corporates are still
frozen out from international markets And there's only so much help
Russia can give. Still no sign of compromise though - Russia's Economy
Minister signalling an extension to the ban on EU food imports as the
counter-sanctions continue.
No comments:
Post a Comment