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Greece Is Not Poor – It Actually Has Massive Uptapped Reserves Of Gold, Oil And Natural Gas

It turns out that the poster child for the European debt crisis is not actually poor at all.  In fact, the truth is that the nation of Greece is sitting on absolutely massive untapped reserves of gold, oil and natural gas.  If the Greeks were to fully exploit the natural resources that are literally right under their feet, they would no longer have any debt problems.  Fortunately, this recent economic crisis has spurred them to action and it is now being projected that Greece will be the number one gold producer in Europe by 2016.  In addition, Greece is now opening up exploration of their massive oil and natural gas deposits.  Reportedly, Greece is sitting on hundreds of millions of barrels of oil and gigantic natural gas deposits that are worth trillions of dollars.  It is truly sad that Greece should be one of the wealthiest nations in all of Europe but instead the country is going through the worst economic depression that it has experienced in modern history.  It is kind of like a homeless man that sleeps on the streets every night without realizing that a relative has left him an inheritance worth millions of dollars.  Greece is not poor at all, and hopefully the people of Greece can learn the truth about all of this wealth and chart a course out of this current mess.

I have written extensively about the nightmarish economic conditions that Greece is experiencing right now.  Just check out this article, this article and this article.  Since the depression began in Greece, the Greek economy has contracted by more than 20 percent.  In April 2010, the unemployment rate in Greece was only 11.8 percent.  Since then it has skyrocketed to 25.1 percent.

The government debt to GDP ratio in Greece is projected to hit 198 percent this year, and there are persistent rumors that Greece will be forced to leave the euro.

But all of this is completely and totally unnecessary.  Greece is not actually poor at all.  In fact, after you account for untapped natural resources, Greece is actually one of the wealthiest nations in all of Europe.

According to Bloomberg, there is a massive amount of gold in Greece.  This recent economic crisis has accelerated the approval of mining activity, and it is now being projected that Greece will soon be the number one gold producing country in all of Europe...

Gold mining is gathering momentum after Greece began what it called a “fast-track” approvals program. The Canadian and Australian companies said their projects will add about 425,000 ounces by 2016, worth $757 million at the Oct. 5 spot price, to the 16,000 ounces the country produced in 2011.

“There’s clearly evidence that Greece has woken up to the potential of their mining industry,” said Jeremy Wrathall, chairman of Perth-based Glory Resources. “Politicians increasingly realize that a pro-mining stance is appropriate due to job creation potential.”

Greece, which is also fast-tracking state property sales, is set to overtake Finland as the continent’s largest gold producer within four years, as regulators in Athens sign off on mines kept on hold for more than a decade by red tape and environmental rules.

But Greece doesn't just have gold.  Greece is also swimming in oil and natural gas.  It turns out that Greece is sitting on the western edge of an absolutely mammoth sub-Mediterranean oil and gas field, and there are also huge deposits of oil and natural gas in the western parts of the country.

A Reuters article back in July discussed how foreign firms are now rushing to exploit these tremendous resources...

Greece has received eight bids by companies to search for oil and natural gas in three blocks in the western part of the country, the energy ministry said on Monday, as debt-laden Athens seeks to save money on energy imports.

Greece, which produces almost no oil or natural gas, aims to develop potential hydrocarbon reserves as part of an effort to overhaul its economy and lessen dependence on energy imports.

So exactly how much oil and natural gas does Greece have?

The numbers that are being reported so far are staggering.  The following comes from a Greek news source...

Until now the offers for hydrocarbon exploration have concerned three blocks: The first is in the Gulf of Patra, the second off the coast of Katakolo -- both in Western Greece -- and the third at Ioannina, northwestern Greece.

Early estimates suggest that the Gulf of Patra may have 200 million barrels of crude oil, and that there are another 80 million at Ioannina and nearly 3 million off the coast of Katokolo.

Furthermore, according to the United States Geological Survey, in the sea between Crete, Cyprus, Israel and Egypt, there are about 15 trillion cubic meters of natural gas and oil just waiting to be extracted.

The truth is that Greece has enough oil and natural gas to be able to pay off all of their debts.  The value of the natural gas that they are sitting on alone has been estimated to be worth trillions of dollars.  The following is from an article earlier this year by F. William Engdahl...

In December 2010, as it seemed the Greek crisis might still be resolved without the by-now huge bailouts or privatizations, Greece’s Energy Ministry formed a special group of experts to research the prospects for oil and gas in Greek waters. Greece’s Energean Oil & Gas began increased investment into drilling in the offshore waters after a successful smaller oil discovery in 2009. Major geological surveys were made. Preliminary estimates now are that total offshore oil in Greek waters exceeds 22 billion barrels in the Ionian Sea off western Greece and some 4 billion barrels in the northern Aegean Sea. [1]

The southern Aegean Sea and Cretan Sea are yet to be explored, so the numbers could be significantly higher. An earlier Greek National Council for Energy Policy report stated that “Greece is one of the least explored countries in Europe regarding hydrocarbon (oil and gas-w.e.) potentials.” [2] According to one Greek analyst, Aristotle Vassilakis, “surveys already done that have measured the amount of natural gas estimate it to reach some nine trillion dollars.” [3]  Even if only a fraction of that is available, it would transform the finances of Greece and the entire region.

Tulane University oil expert David Hynes told an audience in Athens recently that Greece could potentially solve its entire public debt crisis through development of its new-found gas and oil. He conservatively estimates that exploitation of the reserves already discovered could bring the country more than €302 billion over 25 years.

So unlike several other nations in Europe, things actually look quite promising for Greece in the years ahead if they manage their resources correctly and don't let foreigners come in and steal all of their wealth.

And perhaps this is why there is such hesitation to boot Greece out of the EU.  It seems probable that many of the top politicians in Europe know about all of this gold, oil and natural gas that Greece is sitting on.

Hopefully the people of Greece will learn about this massive amount of wealth that is just under their feet.  If they can figure out a way to get this wealth to start to flow into the hands of the people of Greece, a lot of their problems could be solved rather quickly and they could start to experience a massive economic turnaround.

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  • Rodster
  • THE WARNING
  • Piglet

    “…and don’t let foreigners come in and steal all of their wealth.”

    Perhaps this is why austerity programs are being pushed on Greece – not to get its economy in order, but to throw them off enough so that outsiders can pillage the country’s wealth.

    It sounds much like “The Shock Doctrine” described by Naomi Klein: “At the most chaotic juncture in Iraq’s civil war, a new law is unveiled that would allow Shell and BP to claim the country’s vast oil reserves. Immediately following September 11, the Bush Administration quietly out-sources the running of the “War on Terror” to Halliburton and Blackwater. After a tsunami wipes out the coasts of Southeast Asia, the pristine beaches are auctioned off to tourist resorts… New Orleans’ residents, scattered from Hurricane Katrina, discover that their public housing, hospitals and schools will never be reopened. These events are examples of “the shock doctrine”: using the public’s disorientation following massive collective shocks – wars, terrorist attacks, or natural disasters — to achieve control by imposing economic shock therapy… In THE SHOCK DOCTRINE, Naomi Klein explodes the myth that the global free market triumphed democratically. Exposing the thinking, the money trail and the puppet strings behind the world-changing crises and wars of the last four decades, The Shock Doctrine is the gripping story of how America’s “free market” policies have come to dominate the world — through the exploitation of disaster-shocked people and countries.” See more at:

    http://www.naomiklein.org/shock-doctrine

    • k

      Not only that…..now they wont allow greece to exit the euro :)

    • Deborah

      I Read Shock Doctrine and this does sound wildly familiar. I agree that they will be raided by the diseased greedy in the world as they all starve and suffer. It is pure evil.

    • MWD78

      Greece was already signed onto its “austerity measures” through outright fraud and currency manipulation in the first place. now that it seems that Greece has discovered some of its own wealth, not only will they have to continue paying debts they do not owe, but the economic hitmen are sure to rush in to plunder them.

    • Gay Veteran

      Piglet, that is totally true!

      “Greece, which is also fast-tracking state property sales….”

      yep, so the banksters can buy state-owned property at pennies on the dollar

  • nowwthen

    Whaddya know? Another thing we have in common with Greece — a fortune in untapped natural resources!

    Maybe Angela Merkel should be demanding some of that Greek buried treasure along with the austerity.

    • Gay Veteran

      untapped natural resources? depends on how much it costs to extract them

  • markthetruth

    So does this stop the economic collapse from happening ?????

    the end.

  • the ragged trousered philanthropist

    Strange that the “technocrats” are in charge and likely to control this bonanza.
    I wonder who will benefit?

    Do I smell fish.

    • liberranter

      The sad part of it is that Greece’s political class is one of the world’s most corrupt. Count on Greece’s new-found wealth benefiting only a wealthy few.

  • GSOB

    Well, that’s good for Greece. These oil and gold deposits did not happen over night and makes me wonder why the government did not tap into it long ago.
    Something is not right.

    Maybe Greece has been into an obligation elsewhere situation like the US of A is now with the petrodollar.
    Who knows….

  • markthetruth

    After reading the article’s i believe the people want the right to keep the beauty of the land and water that was giving to them by nature, then destroy it forever just to get matter that will be a short time boost and it doesn’t sound that they are hiring that many people. So look at Brazil because of there oil inflation has sky rocketed to the point they come to Florida to buy clothes. It’s seem this kind of wealth does not create happiness because the oil will disappear into thin air and gone forever. Then what??? We don’t have enough food and water to feed the world and they can eat or drink oil and gold!!!!!

    the end…

  • snoopy_the_economist

    Sure they have resources…but to get them out of the ground they will need to exert energy (i.e. work) and isn’t that a 4 letter word in greece – of course as long as they get to retire at the age of 45 with a full pension then they may reconsider…but isn’t that how they got in that mess?

    The other question is will TPTB allow them to tap their resources? Some might say this is all a plan to take it all away from greece for pennies on teh dollar. It wouldn’t be the first time it was planned…

  • K. M. Kay

    I hope the Greeks take their new-found wealth further. Boot the Euro and the Bank of Greece (Greece’s Central Bank, a member of the European System of Central Banks) out of THEIR country. Create their own new currency, free from central bank interest, pay off the central banker crooks with this new currency (tell them to take it or leave it), and show the rest of the world how control of their own money will bring back tremendous freedoms and control over their destiny.

    • k

      Loans should be paid back in the currency they have been taken.

      But i agree with the rest of your points.

  • Lemmingsrnotusdamnit

    Massively increasing energy production in Greece, here in the U.S., anywhere, is the one thing that can move us back from the edge of the cliff. It’s win/win for everybody…….Except the Islamofascists.

    • sharonsj

      We’ve increased oil production here in the U.S. by 25%. So tell me how this has helped the average American? I still can’t afford to fill my gas tank.

      • Kevin2

        The economic decline reduced US demand by 3 million bbls / day. According to the WSJ 1000 rail cars were contracted to transport the new found oil in the US west to refineries until a pipeline can be built. At 750 bbls per vessel at best the recovery is 300 to 400k per day (rail cars in return transit are empty).

        They are just scratching the surface with the newly recoverable domestic oil. If you think gasoline is high now imagine it’s cost w/o increased supply and the current reduced demand.

        How do you afford to live in SNJ period? The only thing worse is NNJ.

      • Lemmingsrnotusdamnit

        Jobs. Money staying in the country, not going out.

      • davidmpark

        No, we haven’t.

        http://www.kiplinger.com/businessresource/forecast/archive/gulf-cuts-bring-us-oil-output-down.html

        This article says it’s up… in theory, but it’s actually down:
        http://www.reuters.com/article/2012/02/22/oilandgas-idUSL4E8DM8ZG20120222

        All natural resources need tapping in market-support amounts for us to get out of this. Oil, natural gas, agriculture, manufacturing, transportation – all are being strangled and shut down on purpose by gov.

        I’ve seen the numbers; so who am I going to believe? Obama or my own eyes.

  • davidmpark

    YES!!!

    GREAT!!!!

    DO IT, GREECE!!!

    And while I’m at it, we should do it too!

    Those that demand that we lock up our resources do it to ensure human suffering and near extinction. That’s their idea of justice: no real thoughts or ideas, no advancement, small vegan tribes that wander and make no carbon footprint – that’s their idea of perfection. It’s in the works of the Nazi’s, the Progressives, and most socialists (not Soviets; it’s odd).

  • EG

    It soooo not going to happen ! People of Greece will not be allowed to get even a glimps of it until the elite (Zionists, Illuminati and everyone along with them)are wiped out from this earth.

    • Fotini

      You are soooooo right!!!!

  • Rufus T Firefly

    They wont. Lots of countries have great natural resources and find a way to blow it (Argentina, Nigeria, Russia, Mexico).

  • Mondobeyondo

    Whew. For a moment, I thought this article might have been about the USA.
    Oh wait, it IS about the U.S.

    We have vast mineral and precious metal resources. Gold in California. (Not much anymore – the 49′ers took most of it, and I don’t mean the San Francisco football team. But there might be a nugget or two here and there.) Shale oil rock in North Dakota. Oil in the Gulf of Mexico. We have oil and natural gas reserves. But we insist on importing Middle Eastern oil to satisfy our ever growing demand for gasoline and heating oil. Why??

    Even after the nightmare of the past 4-5 years (aka the Great Recession), people are still clueless. Remember the movie “The Wizard of Oz”? Close to the end, Dorothy says, “Sometimes you can find adventure in your own back yard”, or words to that effect. (Hey, I haven’t seen that movie in several years, so don’t criticize me for misquoting.)

    It’s OK though. Just keep watching TMZ while our leaders sort things out. Yeah.

    • Gay Veteran

      “But we insist on importing Middle Eastern oil to satisfy our ever growing demand for gasoline and heating oil. Why??”

      it all depends on the cost (including environmental costs) that it takes to extract the oil/gas/etc.

  • Mondobeyondo

    Business reporter to financial guru: “Are we going to make it through this crisis?”
    Financial guru to business reporter: “Make what?”

  • Ethan

    Wouldn’t you know-?

  • SMASH THE CONTROL MACHINE

    GREECE IS BETTER OFF THAN ARGENTINA!!Argentina’s slum children into the living dead
    A generation of parents in Buenos Aires can only watch in despair as their sons and daughters are consumed by paco, a lethally cheAP DRUG

    Paco addicts in the slums of Buenos Aires Link to this video
    Nina Chamorro runs her finger across the montage of photos of neighbourhood children tacked to the wall of her community soup kitchen in Villa Itatí, a sprawling urban slum on the outskirts of Buenos Aires.

    “He is dead now. And him. And him,” says the 75-year-old grandmother, her eyes drifting sadly over grinning faces. She points to another photograph. “He was shot by the police last month. That girl disappeared. We have lost so many of our beautiful children. We knew them since they were born. They had their whole lives to live.”

    Villa Itatí is only a few minutes’ drive from the more upmarket parts of Buenos Aires. Ask most people here to explain the cause of the grisly gallery in Chamorro’s kitchen and the answer will be a single word: “paco”. A toxic and highly addictive mixture of raw cocaine base cut with chemicals, glue, crushed glass and rat poison, paco is the curse of Argentina’s urban poor. And consumption of this bastardised, low-grade drug is eating away at the vitality and hope of the most deprived neighbourhood areas of the capital.

    Essentially a chemical waste product, paco is what remains from the narco-kitchens producing cocaine bound for US and European markets. Since its appearance on the streets of Buenos Aires in the late 1990s, the drug has taken a deadly grip in slums such as Itatí. ­Levels of addiction rose by more than 200% in the first part of the decade and more than 400,000 doses are now being consumed daily.

    Users are witheringly referred to as the muertos vivientes – the living dead – of Buenos Aires. Addictive after one or two hits, the drug systematically destroys the nervous system. Users quickly become skeletal and ravaged, resorting to crime, violence and prostitution to feed their habits. Enormous numbers die in short order.

    Villa Itatí runs on paco: an economy that is an endless, grim cycle of illicit profit, addiction-fuelled crime and wasted lives, all witnessed by a despairing generation of parents.

    According to urban myth, the first paco in Argentina was sold here. Residents say narco-traffickers started flooding the neighbourhood with paco in 2005, selling hits for little more than 10p each. According to provincial government reports, an astonishing 50% of Villa Itatí’s 60,000 residents have used or are currently addicted to the drug. Across the country, 2008 government figures show that 64.9% of under-18s in addiction and treatment services are there because of paco.

    Virtually no one owns a car in Villa Itatí. But in a place where there is only one source of wealth, there are stark signs of big money being made by some. Shiny black four-wheel-drives with darkened windows are parked in the unpaved street near Chamorro’s kitchen. “Paco,” says one woman, pointing to the trucks. “Those cars are what they buy with our children’s blood.”

    “The dealers came here and first they targeted kids,” says one resident running a community project who didn’t want to be named. “They sold these kids hits of paco for one peso and got them hooked and now they work for them selling it in the streets. If they lose one dose, they shoot them in the legs or kill them. Families are cooking paco in their houses because it is the only way they can make money.

    “This place used to be a real neighbourhood, people had work. We were poor but we were a community; now it is all crime and drugs and sewage,” says Chamorro. “There is no work, the factories all closed. Some of the women go into the city to clean rich people’s houses and a few of the men collect cardboard. But there is nothing for the young people.”

    Sonia Andrade, Chamorro’s daughter who helps her run the soup kitchen, describes how she lies awake at night hearing the children of her friends scrambling across the roof “like rats” looking for things to steal.

    “They are so desperate they rob everything from their families to get another hit, and when there is nothing left to take they steal from their neighbours,” says Andrade. “They didn’t have much of a chance before paco, and now they don’t have any at all.”

    The scourge of paco may be the final act in the tragedy of decline in what is one of the city’s oldest and largest slums. When Chamorro started her soup kitchen more than 20 years ago she used to feed 20 or 30 people a day; now it is closer to 200. Her simple two-room soup kitchen is at the heart of the urban shanty town. It is only midday, but already the smell from “La Cava”, the huge open pit filled with household rubbish and ­sewage at the heart of the slum, is overpowering.

    Andrade points to the high embankments of the highway. When it rains, she explains, water pours down the slopes and floods into the pit. The slum’s poorest families living closest to the pit find themselves knee-deep in putrid water in under an hour.

    “All the children here have scabs all over their bodies, they don’t eat outside of what we give them here, they all have breathing problems,” she says. “The ­kindergarten used to give them milk and breakfast, but now the money from the government has stopped and the teachers don’t come any more.”

    But however appalling the poverty, it is the growth in drug abuse that has turned the place into an urban hell.

    Dr Carlos Vizzotti, director of national assistance and prevention programmes at Sedronar, the government’s agency for drug treatment, prevention and enforcement, admits the government is struggling to contain the problem of serious drug addiction in the city’s poorest neighbourhoods.

    “We can’t compete with the dealers who are paying kids and families 200 pesos a day to sell and traffic paco and cocaine. We try to get them off drugs, but then we just send them back to the same problems which brought them to paco in the first place.”

    The accounts of those working on the front line are unremittingly grim. Father Pepe, a missionary priest, runs addiction and poverty alleviation projects from his small, whitewashed church in another slum, Villa 21-24, close to the heart of Buenos Aires.

    “Paco is a manifestation of everything that is rotten in Argentina,” he says. “It exposes the systematic and growing failure of the whole system, health, education, basic services – they are all falling to ruin. It isn’t that paco is a drug of the poor; it is that it feeds off the poverty and exclusion that was always here. Paco just shows us what lies at the heart of our country today.”

    Outside the heat is searing, but inside the church is dark and cool, the walls covered in murals depicting the harsh reality of life in Argentina’s slums. The largest shows a child paco-user ­protected from the grave by angels. “Paco is a tsunami that has hit the most vulnerable. If we weren’t working here, then there would be nobody to help families fight against this. The state and wider society have washed their hands of us,” says Pepe.

    Rising crime has made Villa 21-24 a byword for violence in Buenos Aires with many areas of this vast urban settlement being controlled entirely by narco-gangs. Last year Pepe was forced to ask for official protection and faced death threats after he spoke out against the traffickers and rising crime in the neighbourhood. “In the last few years we have seen many more problems with crime, with violence and guns linked to a more co-ordinated narcotics operation here in the slums. It’s an increasingly big business,” he says. “Yet the capacity of the people to prevail, to want something better, lives on, and this is what we should be supporting.”

    But as Argentina gains a new unwanted status as a premier narco-trafficking route, the outlook for ­campaigners such as Pepe is bleak. ­Traditionally used mainly as a transit route to get cocaine out of Latin America to Europe, Argentina is increasingly used as a producer and consumer of cocaine and cocaine byproducts in Latin America.

    Drug Enforcement Argentina, an anti-drugs pressure group, claims cocaine kitchens like those first discovered in the slums in 2006 are booming and that there are more than 1,500 clandestine airstrips bringing cocaine base into the north of the country.

    Sedronar admits that porous borders, limited resources and expertise, and a lack of effective co-ordination between regional and national agencies means that Argentina is losing the battle to contain the rise of narco-trafficking into the country.

    In Villa Itatí, Nina Chamorro and thousands of others like her are ­desperate that paco should disappear and their children be given the chance of a way out of the spiral of poverty and drug addiction that is destroying their future.

    “We have been abandoned by the government, by everybody. They are all terrified of our children coming to their houses and taking their things, but they need hope for something better. There has to be more for them than this,” says Chamorro as she heads inside the soup kitchen. Her words are an almost certainly futile expression of despair.

    PACO’S HIT

    ■ Paco is cocaine base paste, a byproduct of the refining process, cut with chemicals such as sulphuric acid and kerosene as well as glue, rat poison and crushed glass ■ Readily available, paco is sold for as little as 10p a hit. The average paco user smokes more than seven doses a day ■ Madres en Lucha (a group of campaigning mothers) estimates paco kills two people a week in Buenos Aires ■ Drug Enforcement Argentina, an anti-drug lobbying group, says paco trafficking exceeds £600m a year. Cocaine seizures in Argentina doubled between 1999 and 2006 ■ Paco was smoked in other cocaine-producing countries before it reached Argentina: it is known as kete in Peru, bazuco in Colombia and pitillo in BoliviA !!!DINT THE PRINT MONEY THERE???IS THIS WHAT IS COMING HERE?????

    • Anon

      Isn’t it sad how people, even children, turn to something like this to block out the painful reality of their lives. They need a future to look forward to that doesn’t involve a lifetime of debt slavery to people who don’t even know they exist.

    • k

      when all else fails to control drug addiction.One thing could work.

      This is just a theory and it hasnt been proven yet.

      The theory replacing the drug with another drug with the same ‘high’ but fewer side effects.

      LSD is one of the drugs which is known to give the same high but with less addiction potential and fewer side effects.

      Even lesser than cocaine and marijuana.

      The purest forms of LSD are even known to be better.

      But the thing is its expensive since its not produced as much.

      Having said this,let me add that taking any drug even if its LSD,marijuana,cocaine or paco is wrong.

      Only if all else fails, can this approach be tried.

      • k

        CORRECTION:Its ibogaine not LSD.

      • Paul

        want to get high? Really satisfied? Go running. Make it 10 miles. Then a long hot shower, and relax.

        During the week get a professional massage. I prefer old Chinese men. Can’t get much better than that. At the end I’m sleeping.

        • k

          No i want you to give me a massage :)

        • k

          on second thought no :)

          I have my LSD.

    • the ragged trousered philanthropist

      A staggeringly prophetic article that does not need a great leap of imagination to see that this scenario is highly likely to happen to a place near YOU in the not too distant future.
      My blood ran cold just reading it.
      I could see the future –
      and it looks bleak.

  • SMASH THE CONTROL MACHINE

    DID’NT THEY PRINT MONEY IN ARGENTINA?
    IS THAT WHATS COMING HERE??

  • bobcat

    Now the true purpose of the austerity measures becomes clear. The EU wants to plunder Greece’s natural resources.

    • Anon

      My thoughts exactly.

    • liberranter

      Yep, and they will too – with the help of Greece’s corrupt ruling class.

  • Paul M

    Never realized Greece has such a wealth of natural resources. Unfortunately, Spain is not the same way. Below is a link that assesses the natural resources of Spain.

    http://articles.janes.com/articles/Janes-Sentinel-Security-Assessment-Western-Europe/Natural-resources-Spain.html

    • Paul

      Can also check the factbook at http://www.CIA.gov. Spain had a lot of construction going on and now have an oversupply of housing.
      On the other hand they did’t use the chance of using the sun as energy supply. And they didn’t build sufficient sewage treatment plants and have now the problem of raw sewage in the sea poisoning fish and seafood near the coast, threatening jobs in fishery. Same most likely in Greece.
      They have copper and uranium, and usually that also means silver.
      With the sea providing water and minerals and the sun providing heat, they should be able to make electronics and foodstuffs.

  • mark

    Good for Greece. We have huge reserves of oil and gas in the US and we could stop a lot of our bleeding if we drill baby drill. The down side would be that the Saudis might not use dollars for the oil trade any longer and then the worlds fall of the reserve currancy would fall quicker. Since this will happen as the Fed continues to print, we might as well get ready to start producing our own stuff again. In the future we will really Buy American when the dollar has no value over seas.

    • k

      interesting point

  • jsmith

    This is fantastic! I only hope that as you say that Greece can keep the mange hands of the other western European nations off. Furthermore, I would tell the Greeks to kick off the European Unions shackles! One more thing Greece, introduce a gold Drachma!

  • http://economiccollapsenews.com/ us economic collapse

    Just because a country has massive untapped resources does not mean it is not poor. People in an areas rich in resources such as Mexico are often poor because of all the obstacles the state puts in place that interfere with extracting those resources.

    It is a mistake to believe that having lots of stuff in the ground makes you rich. It can only become wealth when capital is employed to make resources actually usable.

    Also, to further illustrate, Hong Kong is a very wealthy city despite having very few natural resources. This is because they have a very free economy.

    Until Greece actually embraces capitalism and gains a healthy respect for private property rights, they will remain a poor country.

    • jaxon64

      definitely some truth to this. A cousin of mine and her husband have spent almost their entire adult lives working on the African continent to assist the poorer regions with utilizing really basic resource development.

      At one family reunion they spoke of how the Belgian Congo/Zaire/Democratic Rep of Congo (or whatever name it is known by now) is one of the world’s wealthiest in natural resources–gold, silver, rarer metals like platinum and rhodium, gem stones, abundant water and rich fields for cultivating etc..however because the government is so unstable, the men with power so corrupt–the people live in abject poverty ( not to mention that poverty is very destructive to the environment from water quality to poor soil management and farming usage and loss of topsoils).

      Having an abundance of resources is one thing, harvesting them responsibly and turning it into steady jobs and wealth is a whole nother can o worms……….

  • Randome-11

    Greece must leave the eurozone so the zeropeabn bureaucrats won´t be able to fund themselves with Greek ressources.

  • ScotinOz

    You can bet your last dollar that there will be moves to basically forgive debt in return for oil/gas leases Greece may solve its debt problem but will basically get raped of natural resource for pennies on the $ meanwhile Exxon/BP etc will be rubbing their hands. If Greece has any sense they will take the Chavez route and nationalise this, squeeze out the central planning money counters and take control of its own destiny.

    • jaxon64

      If I was China I’d be licking my chops. They should make an offer for the rights to the resources in exchange for the machinization, allowing the Greeks to work as contractors, even giving Greece a percent of the total take.
      Greece does not have the ability to just quickly start-up a drilling and refining industry or expand their mining operations to a scale that would affect their billions in debt–that’s where a sneaky, evil empire like China could step in and make them “an offer they can’t (afford) to refuse” and in turn China will just add more to their burgeoning accumulation of the earth’s resources. ( I hear that they are gobbling up resource rights all across Africa and South America)

  • JustanOguy

    For some reason I’m thinking of some of the big gold scams that have run in the past. Bre-X is coming to mind.

    Regardless… as people have mentioned above about their economy and other countries rich in resources where the population is poor, I’d be surprised if Greece pulls this out.

    You have to keep in mind… everything still requires work and let’s face it, Greece really is not known for a strong work ethic mentality.

  • tom

    I was looking at the estimated number of barrels of oil in the article. Let’s say its 280 million barrels. That is a lot of oil. The US uses approximately 15 million barrels a day. That would work out to approximately 19 days supply in the US. I still think this is some good news for Greece. They would have a boost in jobs and their economy would benefit. Same for the gold (mining jobs)

  • jonno

    The entire world is composed of untapped natural resources.
    Meanwhile in Australia: The largest known deposits of: iron ore, aluminium ore, coal, unlimited oil, uranium and silver, gold and diamonds.
    The ocean is full of fish, the farmland produces massive quantities of every grain known to man, millions of sheep and cattle producing meat, wool and hides.
    Free medical and social services available to whoever needs them .
    The highest standard of living in the world, even the poor live well.
    21 million people living in a land mass larger than the USA.
    The air is clean , the ocean also.
    I’m happy to supply more info if asked.

    • tribeseeker

      I love Australia!

  • Bill

    Tapping Greece’s oil, gas and gold reserves is NOT a solution to its economic woes. Nor is it the solution for America’s energy and economic problems either. We’ve already pumped WAY TOO MUCH carbon into our atmosphere. If that’s not bad enough, the sheer amount of toxic chemicals needed to extract those natural resources from the ground will likely poison the soil and water tables for several generations! The negative health and environmental effects of hydrolic fracturing is well documented, as is the high use of mercury and other toxic chemicals for the extraction of gold. Why would the Greeks, or anyone for that matter, want to produce vast acres of toxic wastelands just to feed the monsters of the international banking cartels who will only demand more once those reserves are tapped out?

    Tapping natural resources in order to solve a short-term economic problem is like throwing the baby out with the bathwater!

    Instead, Greece should be focusing their efforts on developing sustainable agriculture, alternative energy, and grass roots economic reform, which is exactly what we should be doing in America! We have already destroyed hundreds of thousands of acres of our own farmland for the sake of “cheap” energy and GMO food crops, which only succeed in filling the coffers of the top 1% and leaves the rest of us sick and starving!

    The madness has to STOP!

    • Tyler

      Utter rubbish. Only 3rd world countries like Brazil and Peru have rogue individual miners who illegally pollute the water with mercury. Established companies do not use mercury. That is complete druck and misinformation.

  • PDN

    At last, you made an article of hope. Great! But now, Greece will have to fight a war against the “climate change” charlatans if they are to use their oil and gas. Greece must “be quick or be dead”.

  • William

    The Illuminati’s desire to create chaos, and plunder the wealth of nations is behind the unfolding economic disasters in Europe. If you believe the FED is part of the Federal government, you do not understand that. If you believe the LIES of 911, you do not understand what is happening. If you do not understand what the words Satanic and Talmudic mean, you do not understand anything.

  • WarriorClass III

    Greece is poor because in the cloak of democracy, the government spent other peoples money in the name of the citizens. Whether those citizens wanted them to or not. Sounds familiar, eh? Democracy is tyranny disguised as rule by the people.

    When other people spend money in your name, do you really owe that debt?

  • Greekcdnboy

    Greece and the people for that matter new about this wealth. It may be news to all the non Greeks but why do you think they used Greece as the Ginny pig to take the first hit ! The other countries are a lot worse. This bailout money that supposedly “Germany” is giving to Greece in my eyes is actually owed to Greece. War retribution the only country that got almost nothing was Greece. In today’s money Germany would owe Greece close to a trillion dollars, people don’t talk about that in the bull***** north american media! The Americans want a piece of Greece and Germany is Dying to take control. The Greeks should just tell both to ******.

  • Chris

    This is 100%, absolutely about the globalist pillaging the wealth of nations. Socialize losses, privatize profit, pure, simple and IMMENSELY evil.

  • http://members.toast.net/louisbarta Louis Barta

    Another eye-opening post on this informative site.
    The economic crisis currently afflicting the free world is contrived and is being orchestrated by Illuminati banker psychopaths and their minions in government to usher in a satanic NWO. But these criminals cannot control the forces of Nature which answer to God alone. Faith in God will guide mankind through the present intensifying tribulation that will eventually give way to the dawn of a new age of peace, bounty and holiness on Earth for all men of good will.

  • El Pollo de Oro

    No, the suffering and misery in Greece is not necessary. I’ve actually been to Greece, and the country has a lot going for it: excellent infrastructure, quality schools, English is widely spoken (everyone I met in Athens spoke English proficiently), great food, culture and history galore. Athens is very livable (loved walking around Syntagma Square, Monastiraki, etc.), and it saddened me to turn on RT and see all hell breaking loose in that city several weeks after I was there in 2008. So why is the country going through such hell and losing its middle class? I can summarize it in three words: bankster globalist scum.

    The banksters and globalists have spread their poison far and wide. They are doing everything imaginable to destroy the middle class in Greece and Spain, and they have turned the former USA into a Third World horror movie called The Banana Republic of America. Banksters and globalists are every bit as evil, every bit as diabolical as Alex Jones and Gerald Celente say they are. Some people will say that capitalism is to blame, but that is a flawed analysis. As Signore Jones and Signore Celente point out, the banksters are not true capitalists; they are fascists. They are anti-free enterprise. And their criminality brings nothing but misery and unrest.

    “The presstitutes aren’t reporting this, but there are massive demonstrations going on in Spain, in Portugal and in Greece. Tens of millions of people in dozens of different cities are taking to the streets. It’s breaking down worldwide.”—Gerald Celente

    “Take a place like Spain or Greece, and you have youth unemployment rates of over 50% in some of the countries. You don’t have to be Freud to figure this one out. You have young people with testosterone and hormones raging through their bodies—no future in front of them, they’re angry as hell and they’re raging mad. You think you’re not going to see class warfare? You don’t think you’re going to see civil unrest? You think they’re just going to lay down and get rolled over?”—Gerald Celente

    “The New World Order doesn’t come to steal and rob. It steals and robs to impoverish you, to make you weak so it can enslave you, use you up and ultimately, get away with killing you. This whole global spectrum, world government tentacle system is chains to chain down humanity. An iron curtain of night and total tyranny is descending upon every nation on Earth right now. The New World Order goes into countries and wrecks the infrastructure and never rebuilds it and brings poverty and mass death. And if you think The New World Order doesn’t plan to do that here, you have another thing coming.”—Alex Jones

    “Jon Corzine is a good globalist. He’s a member of the club, a member of the New World Order Mafia.”—Alex Jones

    Iceland had the right idea when they told the banksters to go straight to hell. Banksters shouldn’t be bailed out; they should be thrown out. And Iceland’s unemployment rate, in Sept. 2012, was only 4.9% compared to 25% in Spain and 24% in Greece. Iceland clearly didn’t want to become a banana republic or turn into a Third World hellhole. But the banksters’ poison is alive and well in Greece, Spain and The Banana Republic of America.

  • Graham

    Anyone?

    [Obama Executive Order Allows Seizure of Americans’ Bank Account]

    Extract:-
    Congressman Ron Paul (R-Texas) called EOs patently unconstitutional. When asked about them by Fox News’ Megan Kelly, Paul responded:

    The Constitution says that only Congress passes laws. The executive branch is not allowed to pass laws, nor should the judicial system pass laws. So it is clearly unconstitutional to issue these executive orders.

    They’ve been done for a long time, both parties have done it, but the Congress is careless. They allow and encourage and do these deals … to get the president to circumvent the Congress. If something’s unpopular and he can’t get it passed, well, let’s just sign an executive order. So I think that is blatantly wrong. I think this defies everything the founders intended. I think it’s a shame that Congress does it, and I think it’s a shame that the American people put up with it.

    http://thenewamerican.com/usnews/constitution/item/13196-another-obama-executive-order-allows-seizure-of-americans’-bank-accounts

  • http://theeconomiccollapseblog.com/archives/greece-is-not-poor-it-actually-has-massive-uptapped-reserves-of-gold-oil-and-natural-gas morgan

    Gas and oil when in large quantity, will force the massive high prices down to nickles on dollars like the diamonds in south africa. There are no shortages of any item, just the big people keeping it a phony market scheme to harm the poor, an keep it in the Bilderberg empire. When the poor finally get tired to the bone, maybe something will change

  • sharonsj

    Gold, oil and gas…no wonder the banks and the super rich are forcing Greece to sell off its property and assets. I’ll bet you not much of that money will actually reach the Greek people.

    • Malcolm Reynolds

      “no wonder the banks and the super rich are forcing Greece to sell off its property and assets.”

      Yea, that wouldn’t have anything to do with a bunch of corrupt, broke a$$ socialists running out of other people’s money and needing to pay off debts. Why would/SHOULD ANY of the money reach people that did nothing to earn it?

      • 741

        You must be kidding! No money reaches any citizen. It goes straight to the German and French banks!
        Hallo! What planet are you on? People pay immense taxes that stip them off everything just for the government-which every citizen doubts it represents him/her-to feed the banks. Manipulating everything and inventing ways to take all private property and any savings left (if any) while health, education, public services, transportation are getting wrecked or simply not affordable anymore while prices are skyrocketing, unemployment skyhigh and thousands of businesses closing daily. For the people, it is not the first time to hear the word austerity; they hear that the past 25 years! The debt was manipulated and the issue has been brought to the Parliament to discuss it. At that time the presisent of ELSTAT (Hellenic Statistics Authority) they appointed Mr. Georgiou was at the same time employed in IMF…Not long after, IMF “invaded” the country…

  • http://theeconomiccollapseblog.com/archives/greece-is-not-poor-it-actually-has-massive-uptapped-reserves-of-gold-oil-and-natural-gas morgan

    I wonder how long it will be before America starts its own mining/oil resource freedom march. We have massive amounts of resources that could pay the national debt in short order. I’ve been out in the gold mine country side and seen it locked up with parks, blockage for what ever reason. People are so gullible. I can see hundreds of thousands of job across the world. Just from resources.

  • Graham

    Voting Mitt?

    Is a vote for Mitt a vote for the continuation of this? I’m surprised Gordon Duff is still alive! Plenty of evidence to back this up. I mentioned part of the subject in a recent post re the CIA and Evergreen and that’s just the tip of the iceberg!

    Must be a conspiracy as the “powder shifters” and “financiers” can’t possibly run a government for “we the people”, on behalf of “we the people”. Sniff. Hmm.. I suppose Poppy Bush & Co tried to. Mitt is obviously an extension of the family. Snort. Take note Gary2!

    Romney Candidacy Takes Major Blow as Bain Exposed as Cartel Cash Laundry:-

    http://www.veteranstoday.com/2012/10/15/breaking-romneys-bain-capitol-drug-front-for-bush-cartel-video/

  • Nobody

    OK, this article is rediculous.

    As a peak oil researcher for the past decade, I can say with certainty that anything less than one billion barrels of recoverable crude is a joke. 200 million barrels? 80 ml/bls? What a joke of an article! This site, with its doomer porn is getting out of hand.

    There is a reason why oil discoveries measured in billions of barrels peaked in the mid-1960′s: The planet has already been picked over. Even if these fields in Greece do come on-line, they may just produce enough for them to supplement their daily imports.

  • http://blacknowcracks.blogspot.com Invisible Man

    It’s like my Mom always said there are two types of poor. White folks poor and Black folk poe, Greece is white folks poor, which means they got money, their just hiding it for strategic reasons, Black folks poe means standing in the the church bread line

  • Wally Gator

    Wouldn’t it take years and a bunch of money to setup everything to extract these resources?

  • ALICE

    Shhhh! Don’t tell anybody…Wait, negotiate your debts down to zero, and then mine your natural resources….

    • 741

      Alice in wonderland! Bravo Alice! Harvard is waiting for you!

  • kotso

    the deliberate destruction of Greece’s economy was done by external forces wanting to get their hands on natural resources. As Michael Hudson has said, this is the new warfare of the 21st century.

    GREECE IS A VICTIM OF KLEPTOCRATS ! And she is a victim of she’s own ( unelected) government.

    The Greek government is the #1 enemy of the country and we, the greek people, can’t stop it. For this reason we appealed to the International Criminal Court and we have asked to the Prosecutor to Save Greece! http://www.gopetition.com/petitions/save-democracy-in-greece-save-the-cradle-of-western-c/sign.html

    If you don’t belive as, take a look here :

    GRECO incriminate the greek government for the corruption
    http://justiceforgreece.wordpress.com/2012/09/17/greco-incriminate-the-greek-government-for-the-corruption/

    The true magnitude of Greece’s deficit in 2009 was 3.9% of GDP, one of the lowest in Europe
    http://justiceforgreece.wordpress.com/2012/09/24/the-true-magnitude-of-greeces-deficit-in-2009-was-3-9-of-gdp-one-of-the-lowest-in-europe/

    Seven Myths about the Greek Debt Crisis
    http://justiceforgreece.wordpress.com/2012/09/13/seven-myths-about-the-greek-debt-crisis/

    How to bankrupt a country ….
    http://justiceforgreece.wordpress.com/2012/08/21/how-to-bankrupt-a-country/

    CRY GREECE! TODAY ALL GREEKS ARE ON STRIKE (video)
    http://justiceforgreece.wordpress.com/2012/09/26/cry-greece-today-all-greeks-are-on-strike-video/

    Anonymous: Operation Solidarity with Greece [video]
    http://justiceforgreece.wordpress.com/2012/10/08/sos-anonymous-operation-solidarity-with-greece-video/

    • Malcolm Reynolds

      “the deliberate destruction of Greece’s economy was done by external forces ”

      Really?! Wow, and here we all thought it was due to the overwhelmingly socialist mentality of wanting something for nothing, the corruption, the Keynesian economics and MASSIVE debt. BW, I think your little blogger is trying to ignorantly conflate deficit with debt.

  • Bill

    Michael,

    When I read the title for this article I couldn’t help wondering where you were headed. I see your point as pure minipulation by the bad guys at the top of the food chain. They will steal the wealth of Greece from it’s people before it”s over. That gives me the opportunity to introduce a very interesting fact that very simply explains how the minipulated (FOR ELECTION PURPOSES) unemployment rate has dropped to 7.8%.

    The Weekly Standard has reported information showing that since Jan 2009 that 8,208,000 people were added to those NOT in the labor force while 827,000 were added to the labor force.

    I SURE WISH THAT THE QUESTION WOULD BE ASKED AT TONIGHT’S DEBATE: can you explain this?

    Until I hear the right answer my write in vote is for “No Good”

  • Plato’s Pug

    Just like Greece, Gaza, the world’s largest concentration camp (in terms of blockade and stifling sanctions, land grabs, etc)has huge deposits of gas just off the coastline.
    We can pretty much guess that is one of the reasons Israel is occupying Palestinian lands-for fear that large fossil fuel deposits are found.

  • Kevin

    The worldwide consumption rate for oil is approximately 89 million barrels a day. Based on reserve numbers you quoted Greece only has enough oil to supply the world for a few days.

  • Paul

    Remember the rare earth issue? The largest resources are in the US. China is just the largest producer currently.

  • Nolan

    So where do you get the trillions from? Did you try to add up these numbers yourself.
    The natural gas and oil should amount to a value of roughly $600 billion for Greece. That is enough to pay off their debt and balance their budget for the next year. That’s it.

  • Old Man

    Greek television interviews German Chancellor Merkel as she visits Athens:

    TV anchor: Chancellor, a weird American blogger called Michael says Greece is loaded with trillions worth of natural resources. How will that impact our crisis?

    Chancellor: This is no surprise to us. When Nazi Germany occupied Greece, they have already discovered massive resources underground and undersea. But of course there was no technology to exploit it.

    TV anchor: Wow, you German already knew for 60 years when we only now found out. I know we Greeks are stupid but this is too much. But now what to do?

    Chancellor: You dig them out of course. But Greece has absolutely no expertise on mining; you can’t even fish properly with 20th century technology. We Germans have advanced know-how and we can help you.

    TV anchor: Thanks. I hope this will help to pay for our debts. How long will it take?

    Chancellor: For sure, your debt will be fully paid. But to mine this massive resources under such a small country, we have to turn over your landmass and punch a thousand holes into your volcanic seas. After we’re done, I trust you will summon all of your ancients gods to patch up a gaping hole the size of your country.

  • Seen

    “So unlike several other nations in Europe, things actually look quite promising for Greece in the years ahead if they manage their resources correctly and don’t let foreigners come in and steal all of their wealth.”

    I seem to recall that the European Union officials and ECB officials were worried of Greece exiting the Eurozone in particular, and Greece could potentially create an economic boom as a result of essentially telling the rest to take a hike and leave. This is even after the amount of public land and resources forced open to be bought through Privatization during the earlier rounds of bailouts.
    The fact of the geopolitical matter is that if Greece didn’t allow Technocrats to take control of the government; Greece probably would have exited the Euro long ago and reintroduced the Drachma as well as started focusing on capital structure more as a measure of growth and creation of capital. Technocrats didn’t come to power in Greece to get Greece out of its economic issues; they came to power to ensure the perpetual bailout scheme meant to bring to fruition the political union to solidify the dreams of a United States of Europe. If Greece was allowed to leave, default, and then lead Europe with by pushing the banks and EU and Eurozone under the bus the dreams for a United European Federation would be utterly destroyed in the process.

  • Glench

    With pipelines carrying cheap Russian oil into south eastern Europe, and Libya with enormous oil deposits a stones throw from Greece… I have my doubts it would ever be economically viable for Greece to even think about exploiting any of their potential reserves…

    Was in Greece numerous times back in 2005 – 2006… struck me as odd that the price at the pumps was only around 1 Euro, when in northern Europe it was 3 times that… just summed it up that Greece’s government must have had to have been breaking some international embargo either against Iran or Libya…

    Now… in order for Greece to exploit it’s oil reserves, they’ll have to compete with the strong internationally backed regime that overthrew Ghadaffi in Libya…

    Not sure… but I’ll bet you now the price of gas in Greece is about the same as in northern Europe…

  • Socialist Pinko Rat

    We have to go into Greece and confiscate those valuable resources and redistribute before anyone gets too rich.

  • Mondobeyondo

    My Big Fat Greek Economic Collapse, Chapter 7
    (Chapter 7… that’s bankruptcy, y’know?!!)

    No amount of government austerity will succeed in getting the Greeks out of the Mess they are in, without the cooperation of the people. And right now, the people want no part of any austerity. Better to burn a building or two, than curse the darkness.

    Laugh all you want. It’s coming to the U.S., too.

    • 741

      Your myopic insight while being fed what media serves you is priceless…When it hits US I hope you get to taste not the same, but worse…Please come back then and tell us about your share in cooperation and darkeness cursing…
      What a blessed planet full of experts for countries they practically know nothing about!
      Well done Mondobeyondo!

  • Vern

    they better drill quickly, before the UN gets there and shuts them down for some crap like global warming infractions.

  • Carolyn Nielson

    Greece should begin consulting with Norwegian Oil Producers (Statoil) immediately. The oil and gas and hydro resources of Norway have been developed for the benefit of the citizens of Norway. Norway ranks number 1 as having the highest standard of living in the world, largely because of the investment of revenues from resource development in infrastructure and education and health care.

  • reader

    Greece have a single problem : she is not a democracy!

  • http://www.facebook.com/kwstas.stratigakis Kwstas Stratigakis A

    GREECE has & uranium,
    Vast amounts lignite,osmium,red mercury,
    and many other minerals

  • Robin

    But the question my friend is: will actually Greece benefit from all of the oil,gas and gold or was all this crisis a game of “chess” so that when the time comes all of western countries will benefit and not Greece?

  • Rick E.

    that’s why they started a fake crisis because they already knew about those resources and trapped Greece. masonist job as easy as that.

  • Rick E.

    not to mention that Greece is the only country that hasn’t give any privileges to other nation to extract natural resources from their ground. economic crisis was all part of the plan. the TRUE scales begin to unravel

  • http://www.facebook.com/people/Jay-Dillon/100001921588539 Jay Dillon

    The website theeconomiccollapseblog dot com seems to think that environmental red tape has hampered the Greeks from developing all these amazing mineral resources! Maybe so, maybe it has caused delays–, but has the environmental red tape stopped the development of perhaps the largest per capita renewable energy program of any nation in Europe? The renewables can supplant Greece’s need for energy from nonrenewables such as oil and gas. Greece stands as an example of how the energy demand can be met by renewables, and can lead to prosperity. This must be part of the reason why Greece’s banking system is now being martyred by the power magnates of the world. If the large oil and gas interests dominate Greece, they will not only dominate Greece’s oil and gas reserves, but they will simultaneously wipe out the progressive energy policies and programs of the current Greek government. They will also dominate the huge gold reserves of Greece. Frankly, all that is quite intolerable; the Greek people must be advised to disallow any backroom deals that would block the Greek people from benefitting from this infinite wealth and power.

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