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Saturday, May 15, 2010

Greece and Turkey Steer Around Defense Cuts

George Papandreou, left, welcomes Recep Tayyip Erdogan on Friday.Historic rivals Turkey and Greece pledged to boost relations in a groundbreaking summit Friday, but proposals to jointly trim their defense budgets—alongside austerity measures already pledged by Athens—produced no deal.

Turkish Prime Minister Recep Tayyip Erdogan arrived in Athens Friday with a massive delegation in tow, including 10 cabinet ministers and around 100 businessmen, and pledged to double bilateral trade to $5 billion and to aid Greece as it faces economic turmoil.

The two sides signed 21 agreements, from immigration to tourism, including one to complete the Italy-Turkey-Greece Interconnector natural-gas pipeline. That project is scheduled to start delivering 8 billion cubic meters of natural gas annually from Azerbaijan to Western Europe via Turkey, from 2015.

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