Greek Prime Minister Alexis Tsipras and Gazprom CEO Alexei Miller agreed late last month on a "roadmap" for a multi-billion dollar pipeline project to transport gas from Russia to Greece. The long-term plan is a further sign of warming geopolitical ties between Athens and Moscow, at a moment when the Greek economic crisis appears to be worsening.
In effect, Greece is now engaged in a very high stakes game of poker. It has issued a legislative decree to tap pockets of cash reserves across the public sector and has reportedly made plans to potentially nationalize the banking sector and introduce a parallel currency to pay bills in the event its cash reserves are exhausted.
Tsipras insists he wants Greece to keep the euro, but doesn't appear to have a clear strategy for negotiating with international creditors. What he has warned repeatedly of are "major clashes" that are needed with these creditors to ease the country's debt burden which is over a staggering 175 percent of its GDP.