The Greek Financial Crisis and the European Union. Germany's dilemma and basic principles to improve the Economic and Monetary Union

Thus, 606 million tons of oil were explored, or 20% more than were produced. Moreover, 23 trillion cubic feet (TCF) of natural gas were explored, which is also in excess of production. In addition, the stateБЂ™s annual income from mineral development parcel auctions in the period just ended [2009] has doubled to some 40 billion rubles. Trutnev also noted that the overall growth of Russian hydrocarbon resources in 2007 alone totaled 7.4 billion tons of coal equivalent (TCE), or 2.4 times more than in 2004, when this indicator stood at 3.1 billion tons. The growth in Category C14 oil reserves just on the Yamal Peninsula was 64 million tons, double the 2006 figure, and gas reserves increased there by 9.8 TCF, 26% more than the prior year. Mineral license income to the state increased 12-fold, and mineral production taxes increased sixfold. Expanded replacement of reserves for the most important types of minerals was assured. Despite the present financial crisis, the Ministry of Natural Resources and Ecology managed to defend the funding of subsurface geologic studies necessary to sustain growth rates in 2010 ...»