Any deal would raise eyebrows in Europe, however, as it could potentially prompt Greece to undermine European sanctions placed on Russia for its annexation of Crimea and role in the conflict in Ukraine. Sanctions need to be ratified by all member states and so Greece could, in theory, use its veto in return for Russian aid.
A Greek government official reiterated Wednesday that it had not asked Russia for financial aid and wanted financial issues to be resolved with the EU, Reuters reported
Nonetheless, fears of some kind of "Trojan Horse" (where Greece could undermine sanctions on Russia from inside Europe) were apparent within some European circles, Gallagher said, adding that Greece seemed to be using Russia as a bargaining chip for a better deal in its bailout program negotiations.
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"Greece is trying to play on that (fear)," he said. "They're trying to apply pressure in a lot of different ways politically to try to get a better deal," he told CNBC Europe's "Squawk Box," although he didn't think there would be any deal with Russia.
Despite Greece's ability to repay its creditors being thrown into question, Mark Mobius, executive chairman of Templeton Emerging Markets Group, told CNBC he also has a positive outlook on Greece.
"I'm still really bullish," Mobius said Tuesday. "I was there a week ago in Athens talking to the banks and I think they will come to the table with something workable, I really do." He believed the new leftwing Greek government would be able to survive, despite its economic and political troubles.
"I think that this government will be able to do the job, being a bit more radical they will be able collect taxes a bit more aggressively than previous governments' have."