Could Europe lose Greece to Russia?

Deepening ties between Greece’s new government and Russia have set off alarm bells across Europe, as the leaders in Athens wrangle with international creditors over reforms needed to avoid bankruptcy.

While Greece may be eyeing Moscow as a bargaining chip, some fear it is inexorably moving away from the West, towards a more benevolent ally, a potential investor and a creditor.

Europe is not pleased. Should it also be worried?

Worst kept secret
A drove of Greek cabinet members will be heading to Moscow.

Prime Minister Alexis Tsipras will be hosted by Russian President Vladimir Putin in May, accompanied by coalition partner Panos Kammenos, defence minister and leader of the populist right-wing Independent Greeks party.

The timing has not escaped analysts.

Greece’s bailout extension expires at the end of June and the worst kept secret in Brussels is that Athens will need new loans to stay afloat.

Officially, Greece is not searching for alternative sources of funding.

But a loan from Russia, or perhaps China, could seem a more favourable alternative – or at least supplement – to any new eurozone bailout with all its unpopular measures and reforms attached.

Greece could look forward to cheaper gas for struggling households, increased Russian investment and tourism to provide a much needed economic boost.

Moscow, in return, would be rewarded with a friendly ally with veto power inside the EU at a time of heightened tensions over the Ukraine crisis.