This week marks the Naked Capitalism fundraising campaign, and we’re grateful to the 1,282 supporters who have already contributed to our mission to fight against corruption and exploitative practices, particularly in the financial sector. We invite you to join us and make a contribution through our donation page, where you can learn how to donate via check, credit card, debit card, PayPal, Clover, or Wise. Explore more about our purpose for this fundraiser, our achievements over the last year, and our current objective: Karōshi Prevention.
Recently, a report from the Wall Street Journal revealed the controversial tactics employed by Kimberly Guilfoyle, the U.S. ambassador to Greece. Her remarks have ignited considerable backlash amid the ongoing turmoil across Europe.
The continent currently faces a bond crisis, resurgent inflation, soaring diesel prices, and threats from the U.S. President to release diesel reserves. On top of that, there are further cuts in social spending, heightened militarization, and looming gas shortages.
To add to this chaos, the European Union recently found 27 billion euros to support Ukraine, even as signs of a potential government exodus from Kyiv grow stronger. Meanwhile, the fear surrounding a Russian invasion is reaching new peaks.
Amidst these challenges, Guilfoyle’s exertion of influence has drawn attention. Here is a noteworthy segment from the WSJ article:
In March, at a dinner in Athens attended by both Greek and U.S. officials, Guilfoyle engaged in a heated argument with Greece’s energy minister, Stavros Papastavrou. She boldly claimed, “We can do that to any country we want. We can do that here,” referencing the potential collapse of the Romanian government, as relayed by attendees of the dinner. Papastavrou countered her assertion, arguing that the U.S. could not dictate the government of Greece, which had been elected by its people.
Even more alarming than Guilfoyle’s assertion of U.S. control is Papastavrou’s apparent naivety (though Guilfoyle’s bluntness is unsurprising, given the nature of her associates). Since World War II, the U.S. has endeavored to keep Europe in line with interests favorable to American capital, often while pretending to uphold the values of the “greatest alliance.” A recent example of this dynamic was highlighted by the Biden administration, as they engaged in discussions around Nord Stream, which saw the U.S. awarded Germany’s highest honor, the Grand Cross of the Order of Merit, during a ceremony in Berlin.
US President Joe Biden has been awarded Germany’s highest honor, the Grand Cross of the Order of Merit at a ceremony in Berlin, on his farewell trip to Europe. pic.twitter.com/pNZOyos0e7
— DW Politics (@dw_politics) October 18, 2024
The tactics may vary between administrations, but the ultimate objective remains unchanged. Furthermore, the EU itself reinforces this agenda by regulating national governments in various aspects.
For instance, in Romania—where Guilfoyle mentioned the U.S. had a hand in destabilizing the government—the EU often pressures for continuous economic “reforms” to unlock essential funding. Additionally, it may even aid in overturning elections if candidates opposed to war with Russia gain ground.
In December, Romania’s state-controlled natural gas producer rejected a 20-year contract proposal from a Greek-U.S. company for importing U.S. LNG, fearing potential losses of up to 300 million euros annually. Subsequently, the Romanian government fell a few months later.
By August, Romania’s gas transmission operator, Transgaz, had signed a new memorandum of understanding with a different American LNG exporter, potentially leading to investments in a Louisiana facility and bringing more gas to Romania.
In a striking political context, Romania’s president declared that early elections were off the table despite the ongoing crisis, explaining that foreign investors were concerned a rising “far-right” could threaten their interests.
Guilfoyle’s comments served as a warning to Greece—a reminder that similar fates could befall them unless they commit to purchasing U.S. liquefied natural gas. Given the Greek government’s eagerness to attract American investment—including ventures in surveillance technology, military hardware, and data centers—it’s hard to expect Washington to prioritize Greece’s interests.
America has always sought to ensure foreign governments remain compliant with its economic interests. The genuine scandal attached to Guilfoyle’s threats lies in the subservience of European elites to the U.S. as American energy dominance grows, potentially benefiting from further exploitation of European resources.
‘Helping Ukraine’
The backdrop of the WSJ article reflects a familiar narrative: the Trump administration, mirroring its predecessors, is compelling “allies” to invest billions in American natural gas. The WSJ further states:
The former Fox News host has crisscrossed the Balkans to help Europe reduce its reliance on Russian energy through a “vertical gas corridor,” aimed at receiving U.S. LNG in Greece and redirecting it to Ukraine.
However, the assertion that this aggressive strategy is genuinely about aiding Ukraine is misleading. It’s primarily about enriching U.S. energy companies by charging exorbitant rates for gas to European nations. The volume of American LNG entering Greece is insufficient to meet even Greece’s needs, let alone support Ukraine.
During the first half of this year, Greece imported approximately 1.5 bcm of American LNG, while its total gas consumption in 2024 was around 6.6 bcm.
Despite Greece accelerating its LNG import capacity, it remains limited to over 12 billion cubic meters (bcm) annually.
The narrative of “saving Ukraine” obscures the truth: replacing Russian gas flows with more expensive American alternatives has been a longstanding objective of U.S. policymakers, predating Guilfoyle’s appointment as the U.S. representative in the region.
With a capacity of 31.5 bcm per year, TurkStream delivers half of its gas to Turkey and the rest to the Balkans and Central Europe. Greece aspires to reach 33.5 bcm by 2030, but if the situation for Ukraine deteriorates, one must wonder what remains for Greece.
To ensure alternative sales, Greece—and Guilfoyle-linked American companies—are exploring other buyers. The WSJ observes:
In November, Aktor announced a joint venture, Atlantic-SEE LNG, which would be divided 60-40 between it and DEPA, a state-owned Greek energy company. Since then, Aktor and its joint venture have signed agreements with gas companies in Bulgaria, Ukraine, Bosnia and Herzegovina, and Romania. A $6 billion arrangement that Guilfoyle assisted Aktor in securing in Albania could see the nation sourcing gas from the company until 2050.
However, reports indicate that Ukraine’s state gas company has ceased negotiations for future purchases from Atlantic-SEE.
Greece is rapidly expanding its LNG infrastructure amid the EU’s goal to eliminate all reliance on Russian gas by the end of this year, including stringent regulations to end the mislabeling of Russian gas as Turkish. The document specifies:
“The Regulation should therefore presume that natural gas imported into the Union (…) arriving via TurkStream (…) originates in or is exported, directly or indirectly, from the Russian Federation.”
This aspiration to establish an energy hub, however, is likely to come at the expense of the Greek populace and other Southeastern Europeans. The Greek Energy Press contrasted this back in 2024:
LNG imports at the Revythoussa facility have remained subdued as gas importers are increasingly favoring competitively priced Russian gas, rebranded as Turkish gas, to circumvent imposed sanctions.
The WSJ—and possibly Greek and European politicians—appear unconcerned with this detrimental arrangement that adversely affects European citizens and industries. Their primary issue seems to be Guilfoyle’s unrefined delivery.
According to the WSJ report, Guilfoyle has not only insisted that Balkan nations increase their purchases of U.S. LNG but also directed them to engage a specific company: Aktor Group.
Often accompanying Guilfoyle in her dealings is Christos Marafatsos, a Greek-American lobbyist for Aktor. His background spans various sectors, including co-founding a produce distribution company in the Washington, D.C. area, and he is considered instrumental in the partnership between Aktor and a Greek state-backed energy firm.
Guilfoyle, a former Fox News host and prosecutor, also has connections through her previous marriage to California Governor Gavin Newsom.
The revelations from the WSJ underscore that the rush to exploit Europe attracts dubious actors. The involvement of figures like Hunter Biden reinforces a broader pattern observed in Europe.
While frustrations regarding Guilfoyle and Marafatsos may arise in the Balkans, the ongoing “rescue mission” for Ukraine continues unimpeded.
Ultimately, Europe has no one but its own leaders to blame for the predicament of taking directives from an individual associated with Mar-a-Lago, who promotes not only energy deals but also luxury products like Flor de Maga fragrances and 1776 Liberté champagne.
They could have chosen a path toward peace with Russia and healthy economic growth. Instead, they opted for quick profits from across the Atlantic and sacrificed their sovereignty. Their decision to engage in conflict with a nation that sought acceptance in the Western community only fueled divisions and hostilities. A myriad of trans-Atlantic forces actively thwarted Russia’s acceptance, constantly pushed NATO eastward, contributed to Ukraine’s military buildup, and supported radical factions that persecuted Russians in eastern Ukraine.
As a new Trump administration dawns, the prevailing assumption was that the U.S. would “abandon” Europe—a notion we challenged by highlighting the pervasive interests of American capital in the region. Why would the U.S. sever ties with such a ready target?
Each wave of anti-Russian rhetoric translates into further financial flows across the Atlantic—for weapons, energy sources, and the ascendance of power-hungry representatives like Guilfoyle, trampling on the sovereignty of European nations.
