The already tumultuous financial state in Greece looks to get worse in the near future, with the announcement that Iran is ending sales to the nation’s two major oil companies. The move comes because sanctions on Iran’s banking industry has complicated the payment systems, and the companies simply stopped paying for their oil in response.
The European Union’s sanctions on Iran have hit home in a number of ways already, and have kept the spot price on Brent North Sea Crude some $20 a barrel higher than its US equivalents. The scramble by these Greek companies, Hellenic Petrol and Motor Oil Hellas, is expected to increase prices yet again.
Hellenic explained the problem earlier this week, saying that they have been using a Turkish bank to make payments for the oil and the European Union has started blocking those transactions, even though the EU embargo isn’t supposed to begin until July.
The loss of customers the banking sanctions have created has forced Iran to rely more and more on exports to China and India, and to organize barter deals instead of cash transactions. China in particular has been reported to have negotiated a significant discount on Iranian oil for its troubles, while the EU’s supplies continue to get more expansive.
But so what? For the American voting majority is the upper half of society, the half most educated and wealthy, the half with all the wealth who enjoy a greater return on their imvestments the higher that crude oil prices go.
Europe's loss is China's gain. Here is a good example of why it pays to be outside of Washington's orbit and its Zionist controllers.
Oh what a tangled web we weave. I'm sure there are plenty of unforeseen consequences that haven't yet come to light.
Draw cowboy.
…… BANG!
Ow .. my foot!
These halfwit European minions of the Empire are about as bright as their imperial masters. And they put themselves through this just to get further into serious debt, further impoverish their captive citizenry, and put off the day of reckoning. Incredible.
why cant GREECE buy gold for the amount it owes IRAN then give the gold to IRAN simple.