Greece presents Russian Gas deal worth € 2 billion

Greek crisis seems to have no end to surprises.

While Greece is trying to negotiate a third bailout deal with its creditors which is estimated to be sealed off by Sunday, Greek Energy Minister Panayiotis Lafazanis has mapped out details of a landmark €2bn gas project with Russia, a scheme that could keep Russian Gas flowing to Europe through Greece. The project is estimated to create 20,000 jobs, which is of dire need in Greece.

The project is named South European pipeline which will bring 47 billion cubic meters of Gazprom's gas into Europe by 2018.

European leaders has long been afraid of this as they seek to reduce Russian influence in the continent that Greeks might form some alliance with Russia.

Mr. Lafazanis went as far as saying that Greece won't be pushed around by European Union institutions.

With this development, ahead of a crucial weekend, Greece played the Geo-political card which is definitely going to weigh on negotiations.

While Greek drama continues Euro remains trapped 100 pips. Euro is currently trading at 1.105 against dollar.