from TheEconomicCollapseBlog Website
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,
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...
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...
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...
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...
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.