Gold Market Wire
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Eastern Mediterranean Goes from Bad to Worse
August 25, 2020 - (Gold Market Wire) - As if the recent explosion of a chemicals supply warehouse in Beirut wasn't bad enough for the Eastern Mediterranean, the world is now face with a increasingly dangerous military stand off between Turkey and Greece over Turkish claims to energy resources in the region. Turkey and Greece - the latter nation backed by French naval and air support - are conducting rival military exercises in the waters surrounding the island of Crete.
Germany has dispatched its foreign minister, Heiko Maas, to both Athens and Ankara, in an attempt to scale down contention in the area.
Presently, Turkey has challenged territorial claims over some 18 Greek islands, lending to the air of conflict in Aegean Sea. The territorial disputes are reaching a new height as oil and gas discoveries appear to offer the potential for an exploitable amount of hydrocarbons in the area. Turkey, with a collapsing currency that has lost some 80% of its value in the past few years vs. the US Dollar, is desperate for the foreign exchange receipts that energy assets can bring.
From a potential EU candidate, Turkey now appears to be on a collision course with Greece, an EU member state, over exploration and drilling rights.