Greece has been making the world headlines for quite some time now – and for all the wrong reasons. After years of excessive borrowing, its economy eventually went down and the country's government was forced to turn to the European Union and the International Monetary Fund for help.
Help was indeed provided, but at a price: severe cuts were required and the Greek government, despite initial promises, stalled for a long period.
This caused fears of a Greek default that could spread to other European countries with vulnerable economies such as Italy and Spain, threatening the euro and even the stability of the European Union itself.
Consequently, many suppliers have practically stopped dealing with Greece. “Companies like us cannot deal with them. There is too much risk. Maybe independent traders are more geared up for that”, an unnamed trader with a major international oil company told Reuters.
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