right away. And then see how would that work out for them.

Nothing but sound bits and 8x10 glossies for the newspapers.

aside from which as far as I'm aware Greece had already told the EU to fuck off because they intend to continue getting their oil cheap from Iran anyway. Increasing the price of Greece's oil imports would further aggravate the situation there.

By STEPHEN CASTLE and ALAN COWELL

Published: January 23, 2012

BRUSSELS — The 27 nations of the European Union on Monday increased pressure on Iran over its nuclear program by agreeing to ban oil imports.

“This has shown the resolve of the European Union on this issue and of the international community and it is absolutely the right thing to do,” said the British foreign secretary, William Hague, who added that the details would be made public later Monday. It was, he said, “an important decision and it will be a major strengthening of the sanctions applied.”

Under the deal, the members agreed not to sign new oil contracts with Iran and to end existing ones by July 1, said diplomats who asked not to be named because they were not authorized to comment.

The accord allows for a review of the economic impact of the sanctions that will assess the effect on countries, including Greece, which are heavily reliant on Iranian oil. Greece has sought more time to find new sources of oil to soften the impact on its debt-crippled economy.

more: http://www.nytimes.com/2012/01/24/world/middleeast/iran-urged-to-negotiate-as-west-readies-new-sanctions.html

(Reuters) - The European Union banned imports of oil from Iran on Monday and imposed a number of other economic sanctions, joining the United States in a new round of measures aimed at deflecting Tehran's nuclear development program.

In Iran, one politician responded by renewing a threat to blockade the Strait of Hormuz, an oil exporting route vital to the global economy, and another said Tehran should cut off oil to the EU immediately.

That might hurt Greece, Italy and other ailing economies which depend heavily on Iranian crude and, as a result, won as part of the EU agreement a grace period until July 1 before the embargo takes full effect.

http://www.reuters.com/article/2012/01/23/us-iran-eu-deal-idUSTRE80M0IU20120123