Greece is reliant on the last tranche of aid being released as it has more loan repayments to make in April – the first being 450 million euros due to the IMF on April 9. Time is also running out of its bailout program, which was extended by four months in February.
Against this backdrop, Greece's meeting with Russia on April 8 is timely and could provide Greece with apparent "no-strings" financial aid. In fact, it has already made the offer in the past.
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Russian Finance Minister Anton Siluanov told CNBC in January, just after Tsipras and his leftwing Syriza party was elected, that Russia would consider giving financial help to debt-ridden Greece although the offer was not taken up.
Greece has various cultural ties with Russia – they share the same Christian Orthodox tradition -- and has been critical of Europe's sanctions on Russia following its annexation of Crimea and part in the conflict in east Ukraine. German newspaper Der Spiegel reported Sunday that the Greek government was going to negotiate a reduction in gas prices from Russia and the lifting of the embargo on certain types of Greek products, such as fruit.
Zsolt Darvas, senior fellow at European think tank Bruegel, told CNBC that if Greece goes to Russia for money, it could have "wide-ranging consequences."
"I really do hope and believe that Tsipras and other members of the Greek government understand that they're a member of Europe and their future is in Europe," he told CNBC in a phone interview Tuesday.
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"If Greece ignores its European commitments and goes to Russia for money, it could have wide-ranging consequences," he said, believing that it could cause more mistrust between Greece and its neighbors.
The probability of Greece striking a deal with Russia was small, he believed, although the Kremlin was likely to reiterate its offer of financial aid. He said Greece should think twice before accepting, however.
"The probability of Greece taking financial aid from Russia is not zero but I think it is very, very unlikely," he said. Darvas believed that, ultimately, Greece needed a third bailout of around 30 to 40 billion euros spread over the next three or four years.