Suddenly, formerly pro-Arab Greece appears to be very pro-Israel. On Tuesday, Greece and Israel pledged to increase defense cooperation. So, what is behind this? It appears that economics may be the answer. Greece is essentially broke and spiraling downward economically, while Israel's financial state looks exceedingly good.
But beyond that, Greece is a typical European nation that is dependent on foreign oil and natural gas providers, while Israel has an abundance of both, thanks to discoveries in the past three years. In fact, it has been estimated that Israel has more oil shale than does Saudi Arabia. In addition, the Jewish nation has two massive natural gas deposits. Greece has a keen interest in participating with its traditional Greek ally Cyprus, which has made a deal with Israel to develop the undersea gas deposits in the Mediterranean.