10
Jul
10

Bankrupt Greece Sunk By Submarines

And the financial disaster that is Greece becomes, unbelievably, even worse.

Apparently, Greece agreed to purchase 4 conventional submarines from ThyssenKrupp, a major German U-Boat and ship manufacturer.  There was a bit of a row when the first boat, Papanikolaou, had some serious issues with listing during her sea trials.  She is a U-214 class boat.

Greece tried to halt the purchases of these boats after the problems with the first one. However, the differences were resolved, and the contracts have gone through. Now, despite it’s serious financial issues, Greece wants to purchase two more of this class.

That the differences were ironed out by the payment of more than 80 million Euros to the Greek Government in the form of bribes has raised a LOT of interest. Philip Atticus, on his excellent blog, reports on the alleged bribes.  Mr Atticus reports that:

The Greek government has until recently refused to take delivery of the four submarines, since the first one, the Papanikolaou, listed heavily during sea trials. The incoming Prime Minister, George Papandreou, recently reversed this decision, and has agreed not only to pay the EUR 1.8 bln for the previous four submarines, but even to order two more submarines from ThyssenKrupp at a cost of a further EUR 1 bln.

In a further bizarre twist, the Skaramangas shipyards were recently sold by ThyssenKrupp to Abu Dhabi Mar. Kerin Hope of the Financial Times reports, incredibly enough, that

Nikos Papandreou, the prime minister’s brother, was called in to help with the Abu Dhabi deal because of “the urgency of the situation”, according to defence ministry officials.

I’m extremely reassured to know that the Prime Minister can call upon his brother’s services so freely, circumventing the entire Ministries of Defence, Finance and Economics, or even the Ministry of Foreign Affairs, for urgent situations of this type.

So now we have a near-bankrupt Greece demanding a kickback before spending money it doesn’t have to buy listing German U-boats  from a company that was recently sold to an Arab international corporation.  Lovely.

Sounds to me like someone ought to do a serious title search on those Islands the Greeks have up for sale before you plunk down any money for them.

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11 Responses to “Bankrupt Greece Sunk By Submarines”


  1. 1 SCOTT the BADGER
    July 10, 2010 at 23:10

    Oh, Good Lord, what next? I don’t like the idea of a shipyard that can make U Boats in the hands of Moslems, nope, nope nope nope, nope.

    • July 10, 2010 at 23:23

      Yup. Especially when Dubai, for all it’s wealth, is also teetering on the edge of financial ruin. Those Arabs took their wealth and acted like trailer trash that won the lottery. Now it’s spent, the world is looking to cut back on oil, and they are staring reality in the face.

      Sigh.

  2. 3 ewok40k
    July 11, 2010 at 04:36

    Greek subs will be counterbalance to Turkeys newly muslimized navy, so this is not so bad thing. The bad thing is sellout of shipyard to some little Gulf state that can all too easy become Iranian proxy. Can anyone check the money trail for the acquisition?

    • July 11, 2010 at 05:09

      Pawel,

      Hopefully that will be uncovered as this whole story develops. I agree with the Greek V Turkey balancing act, but it is interesting that Greece decided to expand it’s fleet while facing such a horrendous financial situation. Add in the alleged bribes and it’s another chapter in Greece’s soap opera.

  3. 5 ewok40k
    July 11, 2010 at 14:34

    Well it speaks volumes that DESPITE dire financial straits Greece decided to buy those subs. Compare Germany itself… As for the financial strain it is probably less than 10% of social spending yearly…

  4. 6 SCOTT the BADGER
    July 11, 2010 at 15:44

    I know that this is not really NAVAIR, nor ASW related, but it is July, 2010, the 70th Aniversary of the Battle of Britian. Just thought I’d mention it.

  5. 9 ewok40k
    July 12, 2010 at 00:39

    plus, for a time BoB was NAVAIR with Luftwaffe attacking shore-hugging convoys and then London docklands…

  6. 10 SCOTT the BADGER
    July 12, 2010 at 23:58

    303 Squadron got on Douglas Bader’s nerves, as they would not wait to join up in his “Flying Wing” full wing strength attacks, but went right at the Germans.

    I have a 1/72 scale Spitfire VC, that I have yet to build. I bought it, because the USN got one squadron of Spits, for the spotters of the cruisers and battleships that provided Naval Gunfire Support at D Day, the Kingfishers the spotters were equipped with being considered unsuitable to go toe to toe with FW-190s. The kit I bought came with decals for a 303 Squadron plane, and I don’t think it would be right to make it any other way. Those Poles were Full Bore, to be sure!


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