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Greece: Cash Problems
  • Vitaliy_KiselevVitaliy_Kiselev
    Debt-laden Greece has cash to operate until next month, the country's deputy finance minister said on Monday, highlighting the country's need to qualify for the next tranche out of its ongoing EU/IMF bailout.

    Filippos Sachinidis's statements confirm previous comments by Greek officials, made on condition of anonymity, that the country had cash for only a few more weeks.

    "We have definitely maneuvering space within October," Sachinidis said in an interview on television channel Mega, responding to questions how much longer the government will be able to pay wages and pensions.

    "We are trying to make sure the state can continue to operate without problems," he added.

    Greece's international lenders threatened last week to withhold the sixth bailout payment of about 8 billion euros ($11 million) because of the country's repeated fiscal slippages.

    The Greek government announced on Sunday a new property tax to make sure it will meet its budget targets and qualify for the tranche. The EU's Commissioner for Monetary Affairs, Olli Rehn, welcomed the move, saying it went "a long way" toward meeting the country's targets.


    Via: http://www.reuters.com/article/2011/09/12/us-greece-cash-idUSTRE78B1BR20110912
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