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Russian Tourists Are Pouring Into Greece. Investors May Follow

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  • Russian Tourists Are Pouring Into Greece. Investors May Follow

    RUSSIAN TOURISTS ARE POURING INTO GREECE. INVESTORS MAY FOLLOW

    http://www.economist.com/node/21552240

    An orthodox friendship

    Apr 7th 2012 | ATHENS | from the print edition

    WITH anti-German feelings among Greeks running at a post-war high,
    fewer German tourists are likely to visit the Aegean islands this
    summer. Many local hoteliers would almost certainly go bust were it
    not for the increasing number of Russians who are coming to Greece,
    thanks to more relaxed visa regulations. About 1m Russian holidaymakers
    are expected to visit Greece this year, double the number in 2010.

    Many Russians are spending lavishly and buying second homes in the
    Halkidiki district in northern Greece, a favourite beach destination.
    Vladimir Putin, Russia's president-elect, is a familiar visitor to
    Mount Athos, a nearby enclave of Orthodox monks. He may even attend
    Orthodox Easter festivities there on April 15th. Abbot Ephraim of the
    Vatopedi monastery enjoyed a warm official reception in Moscow last
    year despite facing investigation at home for alleged involvement
    in a land-swap scandal. Romfea, a Greek website specialising in
    ecclesiastical news, receives Russian funding, say grateful acolytes.

    Where tourists and politicians lead, money may follow. Greece's
    cash-strapped government is rushing to privatise various public
    utilities, including DEPA, the state gas group. Gazprom, Russia's
    state-backed giant, has expressed an interest in adding DEPA to its
    growing portfolio of international interests. DEPA already buys much
    of its gas from Gazprom, and one of its subsidiaries has signed up
    to join South Stream, a Russian project to pipe gas to central Europe
    via the Black Sea. There is also talk about stationing Russian naval
    vessels in Piraeus, Athens's main port. Russia is worried about losing
    access to Syrian naval bases if mounting violence brings down Bashar
    Assad, the president.

    Still, Antonis Samaras, Greece's probable next prime minister, shows
    few signs of being tempted by either deal. His centre-right New
    Democracy (ND) party is forecast to win a general election expected
    in early May, although it is likely to fall short of an overall
    majority. Mr Samaras has made a pre-election trip to Moscow, but
    enthusiasm failed to ignite on either side. His advisers say their
    Harvard-educated boss would prefer to improve ties with America and
    to sell the gas utility to an investor from the European Union.

    But as Greek politics becomes more unstable-as many as nine parties
    could win seats in the next parliament, not all of them with savoury
    views-there is still plenty of room for Russian influence-mongering.
    Panos Kammenos, a former ND deputy who opposes austerity and admires
    Mr Putin, says Greece should turn to Russia if, as expected, it needs
    yet another bail-out. (Russia has already lent Cyprus [email protected] billion,
    or $3.3 billion, to avert the island's default.) Mr Kammenos's new
    party, Independent Greeks, is predicted to sweep into parliament
    with around 10% of the vote. He is hoping to replace Abbot Ephraim
    as Russia's best friend in Greece.

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