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If Greece goes… by Financial Times

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Regional aftershock: into the arms of Russia and Israel?

By Tony Barber

May 15 2012

Like ships that cross paths in a storm, Greece speeds from the heart of Europe to its farthest shore while a handful of Balkan states steer in the opposite direction.

Greece’s departure from the eurozone is by no means a certainty, but across the European Union businesses, bank regulators and bureaucrats are preparing for the possibility.

If it were to occur in the next six to 18 months, it would coincide with the EU’s admission of Croatia as its 28th member-state and the bloc’s gradual embrace of Serbia, Macedonia and Montenegro, all of which have candidate membership.

In spite of the various challenges that face the Balkan states – not least of which is the ...

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