Debt-stricken Greece to pay back debts with solar power
Greece is engrossed in debt. This debt crisis is said to be a serious threat to the existence of the eurozone and a worldwide economic meltdown worse than the one set out by the disintegration of Lehman Brothers in 2008. Solar energy is being recommended as one of the debt solutions to the besetting Greece. In accordance to the plan, Greece will utilize upcoming earnings from its "Helios" solar energy scheme to repay at least $21 billion in debt. A number of European leaders, particularly the Germans like the plan. However, in order to make it possible, Greece needs to draw investors to set up at least 10 gigawatts of solar panels by 2050.
Gunther Oettinger, the EU's energy commissioner, Horst Reichenbach, the head of the EU's Athens task force and Philip Lowe, the director general for energy have talked about the idea of helping Greece to pay back a part of its debts to EU member states, like Germany, by presenting them with solar energy.
EurActiv has come to know that the energy directorate general of EU has been requested to look into the idea’s potential, which is so far hindered by the lack of keenness from UN countries. According to a senior source, numerous German organizations have revealed their curiosity in the idea, but it would be more interesting if several member nations were engaged. Spokesperson for the energy commissioner Gunther Oettinger, Marlene Holzner, validated that discussions were going on. She informed EurActiv that the European Commission comprises a task force where energy specialists probe into the question of how energy could aid Greece to develop financially.
According to the Greek energy department, Greece gets 50% more solar emission than Germany, but its solar energy productivity is nearly 80 times lesser. During the earlier part of this month, Angela Merkel, the German chancellor, asked her nation’s solar energy grants to be condensed and clean energy to be traded in from countries like Greece instead. Philipp Rösler, the German economy minister, went to Athens with 60 business leaders with an aim to discover investment opportunities.
Since 2010, the Greek economy has been facing serious problems. A sequence of multi-billion euro bailout enclosures and serious measures has failed to please the global banking sector. In the month of September, Athens declared Project Helios. It is a prospective plan for a considerable expansion of Greece’s solar power output from 206MW to 2.2GW by 2020, and next 10GW by 2050.
Delanna Hudson is a financial expert associated financial communities. She also holds honorary posts in some websites ovlg.com as a financial advisor where she advises on debt management,debt consolidation,credit counseling and taxes.
