With
wars to its east and its north, Greece has taken on a new geostrategic
significance in the Eastern Mediterranean. The country has become a staging
point for the Western alliance but also, equally important, a credible partner
in the region. This new status is a remarkable come-back story for a country
that was ground zero in a complicated European financial crisis only a decade
earlier.
اضافة اعلان
First
with the Russian invasion of Ukraine and now with Israel’s war on Gaza, Greece
is serving as a conduit for men and materiel for the US and other NATO allies.
It is becoming a vital link in energy supply chains for the region. And it is
increasingly seen as a haven destination.
Greece’s
emerging role also underscores an evolving security architecture in the Eastern
Mediterranean that has quietly taken place over the past decade.
Since
at least 2010, Athens has developed multiple and overlapping defense and
commercial ties with Cyprus, Israel, and Egypt, as well as with the UAE and
Saudi Arabia. It has cultivated ever closer cooperation with the US, which has
been supportive of this new Eastern Mediterranean alliance, as America’s
relations with Turkey – its erstwhile ally in the region – have frayed.
These
days, the northern Greek port of Alexandroupolis has become a hub to supply
NATO members Bulgaria and Romania, while the island of Crete is supporting US
military operations in the Middle East and North Africa. Meanwhile, Greece is
proceeding with a $13 billion defense modernization program and has deepened
its military cooperation with each of its regional partners through joint
exercises and bilateral exchanges.
This new alliance is underpinned by
growing trade and investment ties, particularly in the energy sector. Long
before the recent conflicts, Greece, Cyprus, Israel, and Egypt had found a
common interest in developing energy resources in the Eastern Mediterranean.
The discovery of bountiful natural gas reserves – first in Israel in 2009, and then in Cyprus and Egypt − ushered in a new era of cooperation among the four countries. This led
to the proposal for the East Med pipeline to bring the gas via Greece
to Europe, and then the creation of the East Med Gas Forum.
The
US has been mainly supportive of this four-way energy alliance. It has since withdrawn its backing for the East Med pipeline − which, in any
event, faces technical and financial hurdles − but still
supports two successor projects, specifically two high-voltage underwater
transmission cables to connect the power grid of Greece with Cyprus, Israel,
and Egypt. In either case, Greece would act as the transit point for bringing
either natural gas or electricity from the Eastern Mediterranean to Europe.
Those
projects would complement Greece’s emerging role as an energy hub for southeast
Europe. Two new natural gas pipelines and two new LNG facilities are providing
the country’s northern neighbors with new sources of supply. Greece has also
started exporting surplus power to nearby countries
including Bulgaria, Albania, and North Macedonia from its own fast-growing
production of renewable energy.
Recognizing
the prospects, the UAE signed several
bilateral agreements with Greece in 2022 to develop both LNG and renewable energy
projects, and the two countries announced a small, pilot project at this month’s COP28
climate summit in Dubai.
Likewise,
there are growing commercial ties between Greece and Saudi Arabia in a range of
sectors, including energy, but also extending to building supplies, engineering
and environmental services, and food and agriculture. Last year, Greece signed
a deal with Saudi Arabia to develop an €800 million high-speed data cable – the East to Med Data
Corridor – that will help establish Greece as the Middle East’s digital gateway
to Europe.
Israeli
businesses have been coming in growing numbers to Greece. Recent investments
have been in the hospitality sector, technology, the life sciences, and
defense.
At
the same time, a small but growing number of Israeli funds and Israeli private
citizens have been buying property to establish residency or a
second home in Greece. That has become particularly visible in the past year
among select middle- and upper-class Israelis put off by political turns in
Israel. Since the start of Israel’s war on Gaza, the numbers are said to have
increased sharply. A similar calculus has been made in recent years by
well-heeled Turks and Lebanese who have likewise found in Greece a haven from
uncertainty at home.
For
Greece, this new role as a pillar in the Eastern Mediterranean represents a
dramatic transformation from just a decade ago when the country was in the
throes of its financial crisis. Domestically, the country’s $240 billion
economy has returned to its pre-crisis levels and is now one of the
fastest-growing economies in the Eurozone. Politically, public opinion has
shifted towards a more pragmatic centrism. There is broad support for the
reform policies of the incumbent New Democracy government, re-elected to a
second term in office in June.
Greece’s
rising status represents a fresh narrative on the international stage. The
Greek government is currently seeking a non-permanent seat on the UN Security
Council. If it succeeds it will cement Greece’s new standing in the region.
Alkman Granitsas is a consultant
based in Athens. He was previously Bureau Chief at The Wall Street Journal for
Greece and Cyprus. X: @agranitsas1
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