Monday, October 24, 2011

Money talks, Turkish regional ambition walks

David , 23 October 2011 , 19:38 - This is a nightmare scenario for Turkey, Israel, Cyprus and Greece sharing in a gas and possible oil pipeline into the EU, the world's largest energy market. Not only that but there are strong indications that Egypt, with a population larger than Turkey and with huge gas and oil energy reserves of its own will eventually join in with the Cyprus pipeline. The regional influence, the influence within the EU and the billions of dollars generated annually by Cyprus, Greece and Israel from such a project will dwarf even the most grandiose dreams Turkey has of ME regional superiority over its neighbours. 

Turkey's sudden dislike of its decades old ally Israel and sudden desire to be a ME 'leader' over countries such as Egypt, Syria and Lebanon becomes very clear. But it's too late, the US, the EU, Russia and Israel have all expressed their support for Cyprus' sovereign right to drill within its EEZ and Egypt has underlined its promise to uphold all energy related agreements it made with Cyprus. There is now nothing Turkey can do diplomatically or militarily to stop this. The billions of dollars generated by such a project and the billions of dollars saved by EU states from having another source of energy, closer to the EU than other energy streams, and coming from a fellow EU member state will help regenerate recession hit EU states. In short - 'Money talks, Turkish regional ambition walks'. 

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