June 10, 2013

The Greek Composite index, which has been slowly sliding south since mid-last month, dropped nearly 5% on Monday after the Greek government failed to attract any binding bids for Depa, the state-owned gas company.

Russia’s Gazprom had been the one key contender, but reportedly pulled the plug. Some blamed the government’s bumbling of the whole thing, while others described it as a “bolt out of the blue”. The Guardian noted there has been speculation that Gazprom pulled out after hearing the European Commission would end up vetoing the deal anyway.

So why is this so important?

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